Associated Banc-Corp - 10-Q quarterly report FY2026 Q3

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The following table summarizes gross realized gains and losses on investment securities, the gain or loss on sale and fair value adjustment of equity securities, and proceeds from the sale of investment securities:


	Three Months Ended Sep 30,				Nine Months Ended Sep 30,
(in thousands)	2026		2025		2026		2025




Gross losses on HTM securities	$	—	$	—	$	(4)	$	—

Fair value adjustment of equity securities	(46)		1		(36)		13
Investment securities (losses) gains, net	$	(46)	$	1	$	(40)	$	13

——4—46136134614013————Subsequent Events

On April 1, 2026, the Corporation completed its previously announced acquisition of American National pursuant to the terms of the Merger Agreement by and between Associated and American National.

Pursuant to the Merger Agreement, (i) American National merged with and into Associated Banc-Corp, with Associated Banc-Corp continuing as the surviving corporation, and (ii) following such merger, American National Bank, a national banking association and wholly owned subsidiary of American National, merged with and into the Bank, with the Bank continuing as the surviving bank.

At the effective time of the merger, the outstanding shares of voting common stock and non-voting common stock of American National outstanding immediately prior to the effective time of the merger, other than certain shares held by the Corporation or American National, were converted into the right to receive an aggregate 22,975,382 shares of common stock of the Corporation. This represented 36.250 shares of the Corporation's common stock for each share of outstanding common stock of American National; with cash paid in lieu of fractional shares. Total consideration for the acquisition was 594.1 million valued at the acquisition date fair value of 25.86 per share.

American National operated 33 branches across Nebraska, Minnesota and Iowa, with a concentration in the Greater Omaha and Minneapolis / St. Paul metro markets. As a result of the acquisition, the Corporation will increase its deposit market share and deliver its products and services to an expanded client base across attractive Midwest markets. As of March 31, 2026, American National had total assets of 5.2 billion, total loans of 3.8 billion and total deposits of 4.5 billion.

The acquisition of American National will be accounted for as a business combination using the acquisition method of accounting in accordance with FASB ASC Topic 805, Business Combinations, which requires assets acquired and liabilities assumed to be recognized at fair value as of the acquisition date. Due to the timing of the acquisition, the initial accounting for the acquisition has not been completed. The Corporation expects to finalize the valuation and complete the purchase price allocation as soon as practicable.

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from to

Commission file number: 001-31343

Associated Banc-Corp

(Exact name of registrant as specified in its charter)


Wisconsin									39-1098068
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)


433 Main Street
Green Bay,	Wisconsin	54301
(Address of principal executive offices)		(Zip Code)

(920) 491-7500

(Registrant’s telephone number, including area code)

(not applicable)

(Former name, former address and former fiscal year, if changed since last report)

Securities Registered Pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	ASB	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E	ASB PrE	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F	ASB PrF	New York Stock Exchange
6.625% Fixed-Rate Reset Subordinated Notes due 2033	ASBA	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

APPLICABLE ONLY TO CORPORATE ISSUERS:

The number of shares outstanding of registrant’s common stock, par value $0.01 per share, at October 23, 2026 was 185,705,763.


ASSOCIATED BANC-CORP
Table of Contents


ASSOCIATED BANC-CORP
Commonly Used Terms
The following listing provides a reference of common acronyms, abbreviations, and other defined terms used throughout the document:






ACLL			Allowance for Credit Losses on Loans

AFS			Available for Sale
ALCO			Asset / Liability Committee
AOCI			Accumulated Other Comprehensive Income

American National			American National Corporation
ASC			Accounting Standards Codification
ASU			Accounting Standards Update
the Bank			Associated Bank, National Association
Basel III			International framework established by the Basel Committee on Banking Supervision for the regulation of capital and liquidity
bp			basis point(s)



CDs			Certificates of Deposit
CDIs			Core Deposit Intangibles
CECL			Current Expected Credit Losses
CET1			Common Equity Tier 1



Corporation / our			Associated Banc-Corp collectively with all of its subsidiaries and affiliates
CRA			Community Reinvestment Act
CRE			Commercial Real Estate


EAR			Earnings at Risk



ERC			Enterprise Risk Committee of the Corporation's Board of Directors
Exchange Act			Securities Exchange Act of 1934, as amended
FASB			Financial Accounting Standards Board

FDIC			Federal Deposit Insurance Corporation
Federal Reserve			Board of Governors of the Federal Reserve System
FFELP			Federal Family Education Loan Program
FHLB			Federal Home Loan Bank
FHLMC			Federal Home Loan Mortgage Corporation
FICO			Fair Isaac Corporation
FNMA			Federal National Mortgage Association

FTEs			Full-time equivalent employees
FTP			Funds Transfer Pricing
GAAP			Generally Accepted Accounting Principles
GNMA			Government National Mortgage Association
GSE			Government-Sponsored Enterprise

HTM			Held to Maturity






LTV			Loan-to-Value


Merger Agreement			Agreement and Plan of Merger dated November 30, 2025
Moody's			Moody’s Investors Service
MSRs			Mortgage Servicing Rights
MVE			Market Value of Equity
NAV			Net Asset Value measured at fair value per share (or its equivalent) as a practical expedient
Net Free Funds			Noninterest-bearing sources of funds

NPAs			Nonperforming Assets

OCI			Other Comprehensive Income
OREO			Other Real Estate Owned


Parent Company			Associated Banc-Corp individually
PCD			Purchased Credit-Deteriorated
PSL			Purchased Seasoned Loans
QTD			Quarter-to-date
RAP			Retirement Account Plan
Repurchase Agreements			Securities sold under agreements to repurchase
Restricted Stock Awards			Restricted common stock and restricted common stock units



Rev Loan(s)			Revolving loans
SBA			Small Business Administration
SEC			U.S. Securities and Exchange Commission
Series E Preferred Stock			The Corporation's 5.875% Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $1,000 per share
Series F Preferred Stock			The Corporation's 5.625% Non-Cumulative Perpetual Preferred Stock, Series F, liquidation preference $1,000 per share
SOFR			Secured Overnight Finance Rate




YTD			Year-to-Date

Table of Contents


PART I - FINANCIAL INFORMATION

ITEM 1.			Financial Statements:

ASSOCIATED BANC-CORP

Consolidated Balance Sheets


	Sep 30, 2026		Dec 31, 2025
(in thousands, except share and per share data)	(Unaudited)		(Audited)
Assets
Cash and due from banks	$	644,519	$	574,698
Interest-bearing deposits in other financial institutions	982,850		1,144,123
Federal funds sold and securities purchased under agreements to resell	100		1,400
AFS investment securities, net	6,198,828		5,397,563
HTM investment securities, net	3,462,166		3,602,519
Equity securities	30,043		26,060
Regulatory stocks, at cost	304,330		252,514
Residential loans held for sale	66,770		72,499

Loans	36,519,871		31,163,614
Allowance for loan losses	(441,124)		(378,068)
Loans, net	36,078,747		30,785,546
Tax credit and other investments	242,894		236,657
Premises and equipment, net	447,112		381,624
Bank and corporate owned life insurance	717,175		694,452
Goodwill	1,147,081		1,104,992
Other intangible assets, net	110,059		22,849
Mortgage servicing rights, net	94,919		86,337
Interest receivable	183,595		161,118
Other assets	688,664		657,645
Total assets	$	51,399,852	$	45,202,596
Liabilities and stockholders' equity
Noninterest-bearing demand deposits	$	6,914,688	$	6,126,632
Interest-bearing deposits	33,466,262		29,425,976
Total deposits	40,380,950		35,552,608
Federal funds purchased and securities sold under agreements to repurchase	266,329		307,864
FHLB advances	3,961,112		3,268,094
Senior and subordinated debt	589,168		594,276

Allowance for unfunded commitments	49,744		41,276
Accrued expenses and other liabilities	676,917		463,131
Total liabilities	$	45,924,220	$	40,227,249
Stockholders' equity
Preferred equity	$	194,112	$	194,112
Common equity
Common stock	$	2,120	$	1,890
Surplus	2,652,864		2,050,410
Retained earnings	3,476,940		3,226,756
Accumulated other comprehensive loss	(247,316)		(7,566)
Treasury stock, at cost	(603,088)		(490,255)
Total common equity	5,281,520		4,781,235
Total stockholders' equity	5,475,632		4,975,347
Total liabilities and stockholders' equity	$	51,399,852	$	45,202,596
Preferred shares authorized (par value $1.00 per share)	750,000		750,000
Preferred shares issued and outstanding	200,000		200,000
Common shares authorized (par value $0.01 per share)	250,000,000		250,000,000
Common shares issued	211,991,791		189,016,409
Common shares outstanding	185,693,975		165,979,940

See accompanying notes to consolidated financial statements.

Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Income (Unaudited)


	Three Months Ended Sep 30,				Nine Months Ended Sep 30,
(in thousands, except per share data)	2026		2025		2026		2025
Interest income
Interest and fees on loans	$	516,411	$	455,623	$	1,449,927	$	1,336,703
Interest and dividends on investment securities
Taxable	87,551		73,727		251,574		214,689
Tax-exempt	13,510		13,888		40,972		41,746
Other interest	16,109		13,353		42,444		35,274
Total interest income	633,581		556,591		1,784,917		1,628,412
Interest expense
Interest on deposits	208,601		202,344		587,639		609,139
Interest on federal funds purchased and securities sold under agreements to repurchase	3,008		2,107		10,826		7,733
Interest on FHLB advances	34,138		35,965		100,760		86,944
Interest on senior and subordinated debt	10,231		10,741		30,556		32,526
Interest on other interest-bearing liabilities	352		212		657		907
Total interest expense	256,330		251,369		730,438		737,250
Net interest income	377,251		305,222		1,054,479		891,163
Provision for credit losses	14,005		16,000		44,394		46,999
Net interest income after provision for credit losses	363,246		289,223		1,010,085		844,164
Noninterest income
Wealth management fees	26,161		25,315		77,596		70,837
Service charges and deposit account fees	16,793		13,861		46,709		39,822
Card-based fees	14,549		12,308		40,289		33,950
Other fee-based revenue	6,630		5,414		17,250		15,659
Capital markets, net	10,702		10,764		24,720		20,873
Mortgage banking, net	1,765		3,541		10,653		11,577
Loss on mortgage portfolio sale	—		—		—		(6,976)
Bank and corporate owned life insurance	4,691		4,051		13,122		13,391
Asset gains, net	2,676		3,340		4,305		727
Investment securities (losses) gains, net	(46)		1		(40)		13

Other	3,210		2,670		8,783		7,147
Total noninterest income	87,131		81,265		243,387		207,019
Noninterest expense
Personnel	153,714		135,703		450,054		386,593
Technology	42,725		28,590		105,328		82,237
Occupancy	15,552		12,757		43,369		40,782
Business development and advertising	9,477		8,362		25,851		22,496
Equipment	5,480		4,368		16,514		13,389
Legal and professional	9,053		5,232		33,228		17,989
Loan and foreclosure costs	2,039		1,638		5,298		6,937
FDIC assessment	11,802		9,980		31,234		30,124
Other intangible amortization	6,894		2,203		15,990		6,608

Other	3,606		7,369		24,520		29,017
Total noninterest expense	260,342		216,202		751,386		636,173
Income before income taxes	190,035		154,286		502,086		415,010
Income tax expense	43,449		29,554		112,301		77,362
Net income	146,586		124,732		389,785		337,648
Preferred stock dividends	2,875		2,875		8,625		8,625
Net income available to common equity	$	143,711	$	121,857	$	381,160	$	329,023
Earnings per common share
Basic	$	0.77	$	0.73	$	2.11	$	1.98
Diluted	$	0.76	$	0.73	$	2.09	$	1.96
Average common shares outstanding
Basic	186,685		165,029		180,034		165,064
Diluted	188,500		166,703		181,782		166,645

Numbers may not recalculate due to rounding conventions.

See accompanying notes to consolidated financial statements.

Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Comprehensive Income (Unaudited)


	Three Months Ended Sep 30,				Nine Months Ended Sep 30,
(in thousands)	2026		2025		2026		2025

Net income	$	146,586	$	124,732	$	389,785	$	337,648
Other comprehensive (loss) income, net of tax
Investment securities
Net unrealized (losses) gains	(199,386)		(5,178)		(272,763)		47,970

Amortization of net unrealized losses on AFS securities transferred to HTM securities	1,912		1,992		5,503		5,978



Income tax benefit (expense)	49,254		795		66,660		(13,456)
Other comprehensive (loss) income on investment securities	(148,220)		(2,392)		(200,600)		40,492
Cash flow hedge derivatives
Net unrealized (losses) gains	(15,247)		(825)		(29,665)		7,707
Reclassification adjustment for net (gains) losses realized in net income	(436)		1,440		(1,779)		3,995
Income tax (expense) benefit	(3,773)		148		(7,565)		2,816
Other comprehensive (loss) income on cash flow hedge derivatives	(19,456)		763		(39,009)		14,518
Defined benefit pension and postretirement obligations
Amortization of prior service cost	(63)		(63)		(189)		(189)
Net actuarial gain	—		—		—		4,770
Amortization of actuarial loss	—		(4)		—		(12)
Income tax benefit (expense)	16		17		47		(1,140)
Other comprehensive (loss) income on pension and postretirement obligations	(47)		(51)		(142)		3,429
Total other comprehensive (loss) income	(167,723)		(1,680)		(239,750)		58,439
Comprehensive (loss) income	$	(21,137)	$	123,052	$	150,035	$	396,087

Numbers may not recalculate due to rounding conventions.

See accompanying notes to consolidated financial statements.

Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)


(in thousands, except per share data)	Preferred Equity		Common Stock		Surplus		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock		Total
Balance, December 31, 2025	$	194,112	$	1,890	$	2,050,410	$	3,226,756	$	(7,566)	$	(490,255)	$	4,975,347


Comprehensive income:
Net income	—		—		—		119,635		—		—		119,635
Other comprehensive loss	—		—		—		—		(36,939)		—		(36,939)
Comprehensive income													82,696
Common stock issued:

Stock-based compensation plans, net	—		—		(5,126)		—		—		12,247		7,121


Purchase of treasury stock, open market purchases	—		—		—		—		—		(25,202)		(25,202)
Purchase of treasury stock, stock-based compensation plans	—		—		—		—		—		(6,377)		(6,377)
Cash dividends:
Common stock(a)	—		—		—		(40,058)		—		—		(40,058)
Preferred stock(b)	—		—		—		(2,875)		—		—		(2,875)




Stock-based compensation expense, net	—		—		7,220		—		—		—		7,220




Balance, March 31, 2026	$	194,112	$	1,890	$	2,052,504	$	3,303,458	$	(44,505)	$	(509,587)	$	4,997,872
Comprehensive income:
Net income	—		—		—		123,564		—		—		123,564
Other comprehensive loss	—		—		—		—		(35,088)		—		(35,088)
Comprehensive income													88,476
Common stock issued:
American National acquisition	—		230		593,914		—		—		—		594,144
Stock-based compensation plans, net	—		—		(1,360)		—		—		4,472		3,112

Purchase of treasury stock, stock-based compensation plans	—		—		—		—		—		(653)		(653)
Cash dividends:
Common stock(a)	—		—		—		(45,741)		—		—		(45,741)
Preferred stock(b)	—		—		—		(2,875)		—		—		(2,875)


Stock-based compensation expense, net	—		—		3,788		—		—		—		3,788
Balance, June 30, 2026	$	194,112	$	2,120	$	2,648,846	$	3,378,406	$	(79,593)	$	(505,768)	$	5,638,123
Comprehensive income:
Net income	—		—		—		146,586		—		—		146,586
Other comprehensive loss	—		—		—		—		(167,723)		—		(167,723)
Comprehensive income													(21,137)
Common stock issued:

Stock-based compensation plans, net	—		—		(1,115)		—		—		5,678		4,563
Purchase of treasury stock, open market purchases	—		—		1,640		—		—		(101,640)		(100,000)
Purchase of treasury stock, stock-based compensation plans	—		—		—		—		—		(1,358)		(1,358)
Cash dividends:
Common stock(a)	—		—		—		(45,177)		—		—		(45,177)
Preferred stock(b)	—		—		—		(2,875)		—		—		(2,875)


Stock-based compensation expense, net	—		—		3,493		—		—		—		3,493

Balance, September 30, 2026	$	194,112	$	2,120	$	2,652,864	$	3,476,940	$	(247,316)	$	(603,088)	$	5,475,632

(a) Common stock dividends of $0.24 per share.

(b) Preferred stock dividends for Series E of $0.3671875 per share and for Series F of $0.3515625 per share.

Table of Contents


(in thousands, except per share data)	Preferred Equity		Common Stock		Surplus		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total
Balance, December 31, 2024	$	194,112	$	1,890	$	2,047,349	$	2,919,252	$	(74,416)	$	(482,626)	$	4,605,562


Comprehensive income:
Net income	—		—		—		101,687		—		—		101,687
Other comprehensive income	—		—		—		—		39,272		—		39,272

Comprehensive income													140,959
Common stock issued:
Public common stock offering	—		—		(52)		—		—		—		(52)
Stock-based compensation plans, net	—		—		(14,297)		—		—		16,489		2,192


Purchase of treasury stock, open market purchases	—		—		—		—		—		(22,292)		(22,292)
Purchase of treasury stock, stock-based compensation plans	—		—		—		—		—		(5,816)		(5,816)
Cash dividends:
Common stock(a)	—		—		—		(38,538)		—		—		(38,538)
Preferred stock(b)	—		—		—		(2,875)		—		—		(2,875)


Stock-based compensation expense, net	—		—		7,419		—		—		—		7,419



Balance, March 31, 2025	$	194,112	$	1,890	$	2,040,419	$	2,979,526	$	(35,144)	$	(494,246)	$	4,686,558

Comprehensive income:
Net income	—		—		—		111,230		—		—		111,230
Other comprehensive income	—		—		—		—		20,847		—		20,847
Comprehensive income													132,076
Common stock issued:
Stock-based compensation plans, net	—		—		543		—		—		(449)		94


Purchase of treasury stock, stock-based compensation plans	—		—		—		—		—		(93)		(93)
Cash dividends:
Common stock(a)	—		—		—		(38,498)		—		—		(38,498)
Preferred stock(b)	—		—		—		(2,875)		—		—		(2,875)




Stock-based compensation expense, net	—		—		3,518		—		—		—		3,518

Balance, June 30, 2025	$	194,112	$	1,890	$	2,044,481	$	3,049,383	$	(14,297)	$	(494,788)	$	4,780,781

Comprehensive income:
Net income	—		—		—		124,732		—		—		124,732
Other comprehensive loss	—		—		—		—		(1,680)		—		(1,680)
Comprehensive income													123,052
Common stock issued:
Stock-based compensation plans, net	—		—		(474)		—		—		3,064		2,590


Purchase of treasury stock, stock-based compensation plans	—		—		—		—		—		(346)		(346)
Cash dividends:
Common stock(a)	—		—		—		(38,531)		—		—		(38,531)
Preferred stock(b)	—		—		—		(2,875)		—		—		(2,875)




Stock-based compensation expense, net	—		—		3,627		—		—		—		3,627

Balance, September 30, 2025	$	194,112	$	1,890	$	2,047,634	$	3,132,709	$	(15,977)	$	(492,070)	$	4,868,298

Numbers may not recalculate due to rounding conventions.
(a) Common stock dividends of $0.23 per share.

(b) Preferred stock dividends for Series E of $0.3671875 per share and for Series F of $0.3515625 per share.

See accompanying notes to consolidated financial statements.

Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP
Consolidated Statements of Cash Flows (Unaudited)


	Nine Months Ended Sep 30,
(in thousands)	2026		2025
Cash flows from operating activities
Net income	$	389,785	$	337,648
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	44,394		46,999
Depreciation and amortization	36,857		37,959
Change in MSRs valuation	(6,670)		2,464
Amortization of other intangible assets	15,990		6,608
Amortization and accretion on earning assets, funding, and other, net	18,398		30,520
Net amortization of tax credit investments	25,623		26,307
Loss on sales of investment securities, net	4		—
Asset losses, net	(4,305)		(727)

Loss on mortgage banking activities, net	4,686		103
Loss on mortgage portfolio sale	—		6,976
Net periodic pension benefit	(18,463)		(18,540)
Mortgage loans originated for sale	(541,424)		(470,456)
Proceeds from sales of mortgage loans held for sale	546,342		451,869
Changes in certain assets and liabilities:
Increase in interest receivable	(2,577)		(678)
Increase in BOLI/COLI cash surrender value	(13,122)		(13,391)
Decrease in net income tax position	60,622		69,984
Decrease in interest payable	(3,883)		(28,163)
Decrease in expense payable	(26,232)		(18,790)
Decrease (increase) in net derivative position	128,297		(63,192)

Net change in other assets and other liabilities	17,829		(5,890)
Net cash provided by operating activities	672,151		397,610
Cash flows from investing activities
Net increase in loans	(1,655,909)		(1,224,724)
Purchases of:
AFS securities	(2,131,161)		(1,355,308)
HTM securities	—		(994)
Regulatory stocks and equity securities	(176,316)		(187,426)


Proceeds from:
Sales of AFS securities	995,831		—
Sales of HTM securities	1,221		—
Sales of regulatory stocks and equity securities	124,515		112,964
Prepayments, calls, and maturities of AFS securities	1,100,423		761,540
Prepayments, calls, and maturities of HTM securities	141,438		106,160
Sales, prepayments, calls, and maturities of other assets	37,275		18,929
Sale of mortgage portfolio	—		564,375
Premises, equipment, and software	(29,958)		(28,591)

Net change in tax credit and alternative investments	(16,784)		(16,800)
Net cash received from the American National acquisition	220,898		—
Net cash used in investing activities	(1,388,527)		(1,249,875)
Cash flows from financing activities
Net increase in deposits	283,142		233,419

Net decrease in short-term funding	(55,856)		(70,704)
Net increase in short-term FHLB advances	557,250		1,560,000
Repayment of long-term FHLB advances	(202,516)		(400,198)
Proceeds from long-term FHLB advances	300,000		200,898



Repayment of finance lease principal	—		(67)
Repayment of long-term funding	—		(250,000)


Proceeds from issuance of common stock for stock-based compensation plans	14,796		4,876




Purchase of treasury stock, open market purchases	(125,202)		(22,292)
Purchase of treasury stock, stock-based compensation plans	(8,389)		(6,256)
Cash dividends on common stock	(130,976)		(115,566)
Cash dividends on preferred stock	(8,625)		(8,625)
Payments for other financing activities	—		(52)
Net cash provided by financing activities	623,624		1,125,433
Net (decrease) increase in cash and cash equivalents	(92,752)		273,168
Cash and cash equivalents at beginning of period	1,720,221		1,019,604
Cash and cash equivalents at end of period	$	1,627,469	$	1,292,772

Numbers may not recalculate due to rounding conventions.

Table of Contents

ASSOCIATED BANC-CORP

Consolidated Statements of Cash Flows


	Nine Months Ended Sep 30,
(in thousands)	2026		2025
Supplemental disclosures of cash flow information
Cash paid for interest	$	730,605	$	763,622
Issuance of common stock as consideration for the American National acquisition	594,144		—
Assets acquired from the American National acquisition	5,228,544		—
Liabilities assumed from the American National acquisition	4,634,400		—
Loans transferred to (from) held for sale from (into) portfolio, net	4,878		(54,339)

See accompanying notes to consolidated financial statements.

Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Notes to Consolidated Financial Statements

These interim consolidated financial statements have been prepared according to the rules and regulations of the SEC and, therefore, certain information and footnote disclosures normally presented in accordance with GAAP have been omitted or abbreviated. The information contained on the consolidated financial statements and footnotes in Associated Banc-Corp's 2025 Annual Report on Form 10-K should be referred to in connection with the reading of these unaudited interim consolidated financial statements.

Note 1 Basis of Presentation

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position, results of operations and comprehensive income, changes in stockholders’ equity, and cash flows of the Corporation for the periods presented, and all such adjustments are of a normal recurring nature. The consolidated financial statements include the accounts of all subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.

Within the tables presented, certain columns and rows may not recalculate due to the use of rounded numbers for disclosure purposes.

Note 2 Summary of Significant Accounting Policies

The accounting and reporting policies of the Corporation conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1 Summary of Significant Accounting Policies included in the Corporation’s 2025 Annual Report on Form 10-K, except for new accounting pronouncements adopted, as discussed below.

New Accounting Pronouncements Adopted


Standard	Description	Date of Adoption	Effect on Financial Statements
ASU 2025-08 Financial Instruments-Credit Losses (Topic 326)	The amendments in this update expand the gross-up approach for initial recognition and measurement of acquired financial assets to purchased seasoned loans.	Early adopted effective April 1, 2026 on a prospective basis, as permitted by the standard	The Corporation early adopted this standard and applied it in the purchase accounting for the acquisition of American National. The ASU expands the gross-up approach to certain acquired non-PCD loans that qualify as purchased seasoned loans, including loans acquired in a business combination, resulting in the acquisition-date allowance for credit losses being added to the loans’ initial amortized cost basis rather than recognized as a Day 1 provision for credit losses. Refer to Note 3 for additional information.

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Future Accounting Pronouncements

The expected impact of applicable material accounting pronouncements recently issued or proposed but not yet required to be adopted are discussed in the table below. To the extent that the adoption of new accounting standards materially affects the Corporation's financial condition, results of operations, liquidity or disclosures, the impacts are discussed in the applicable sections of this financial review.


Standard	Description	Date of Anticipated Adoption	Effect on Financial Statements
ASU 2024-03 Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)	The amendments in this update require a public business entity to disclose specific information about certain costs and expenses in the notes to its financial statements for interim and annual reporting periods. The objective of the disclosure requirements is to provide disaggregated information about a public business entity's expenses to help investors (a) better understand the entity's performance, (b) better assess the entity's prospects for future cash flows, and (c) compare an entity's performance over time and with that of other entities.	Annual period ending December 31, 2027 and subsequent interim periods	The Corporation is currently evaluating the impact on its disclosures.
ASU 2025-06 Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40)	The amendments in this update simplify the capitalization guidance by removing all references to prescriptive and sequential software development stages to align with the shift to incremental and iterative software development methods.	Interim period ending March 31, 2028 and subsequent periods	The Corporation is currently evaluating the impact on its disclosures.

Note 3 Business Combinations

On April 1, 2026, the Corporation completed its previously announced acquisition of American National pursuant to the terms of the Merger Agreement by and between the Corporation and American National.

Pursuant to the Merger Agreement, (i) American National merged with and into Associated Banc-Corp, with Associated Banc-Corp continuing as the surviving corporation, and (ii) immediately following such merger, American National Bank, a national banking association and wholly owned subsidiary of American National, merged with and into the Bank, with the Bank continuing as the surviving bank.

At the effective time of the merger, 100% of the outstanding shares of voting common stock and non-voting common stock of American National outstanding immediately prior to the effective time of the merger, other than certain shares held by the Corporation or American National, were converted into the right to receive an aggregate 22,975,382 shares of common stock of the Corporation. This represented 36.250 shares of the Corporation's common stock for each share of outstanding common stock of American National, with cash paid in lieu of fractional shares. Total consideration for the acquisition was $594.1 million valued at the acquisition date fair value of $25.86 per share.

American National operated 33 branches across Nebraska, Minnesota and Iowa, with a concentration in the Greater Omaha and Minneapolis / St. Paul metro markets. As a result of the acquisition, the Corporation increased its deposit market share and is delivering its products and services to an expanded client base across Midwest markets.

The acquisition of American National has been accounted for as a business combination using the acquisition method of accounting in accordance with FASB ASC Topic 805, Business Combinations. Accordingly, assets acquired and liabilities assumed were recorded at fair value as of the acquisition date. Fair value estimates related to the assets and liabilities from American National are subject to adjustment for up to one year after the closing date of the acquisition as additional information becomes available. The purchase consideration allocation is considered preliminary as certain estimates related to the assets acquired and liabilities assumed are subject to continuing refinement. Valuations subject to refinement include, but are not limited to, loans, certain deposits, certain other assets, and the core deposit intangible asset.

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The following table presents the estimated fair values of the assets acquired and liabilities assumed as of the effective date of the American National acquisition.


(in thousands)	April 1, 2026
Total Consideration	$	594,144

Assets
Cash and cash equivalents	$	220,898
Investment securities	989,925
Loans, net	3,716,472
Other intangible assets(a)	103,200
Other assets	155,960
Total assets	$	5,186,455

Liabilities
Deposits	$	4,544,700
Other liabilities	89,700
Total liabilities	$	4,634,400

Fair value of net assets acquired	$	552,055

Goodwill	$	42,089
(a) Core deposit intangibles

The goodwill arising from the acquisition consists largely of the synergies and economies of scale expected from combining the operations of the Corporation with the former operations of American National. None of the goodwill is deductible for income tax purposes as the acquisition was accounted for as a tax-free exchange.

The Corporation engaged an independent, third-party valuation specialist to assist in the valuation of certain assets acquired and liabilities assumed from the business combination. The following valuation techniques were used in the valuation:

Investment securities: The fair value of AFS investment securities and equity securities was determined utilizing quoted prices in an active market, if available, or an external third party broker opinion of the market value.

Loans, net: Fair values of loans were based on a discounted cash flow methodology that considered factors including the type of loan, related collateral, credit quality status, fixed or variable interest rate, term of loan, amortization status and current discount rates. For the non-credit (interest and liquidity) premium, loans were grouped together according to similar characteristics when applying various valuation techniques. For the credit discount, loans were also grouped based on whether they had more than insignificant deterioration in credit since origination. Purchased loans and leases that reflect a more-than-insignificant deterioration of credit from origination are considered purchase credit deteriorated (PCD) assets. All other loans acquired were deemed purchased seasoned loans (non-PCD). The initial estimate of expected credit losses, excluding credit card loans, was recognized in the ACLL on the date of acquisition using the same methodology as other loans and leases held-for-investment.

The following table includes the fair value and unpaid principal balance of the acquired loans and leases:


(in thousands)	Unpaid principal balance		Premium (Discount)		Loans and leases		Allowance for credit losses on loans		Loans and leases, net
Non-PCD loans	$	3,185,647	$	2,692	$	3,188,339	$	(28,263)	$	3,160,076
PCD Loans	615,403		(19,495)		595,908		(39,512)		556,396
Total	$	3,801,050	$	(16,803)	$	3,784,247	$	(67,775)	$	3,716,472

Core Deposit Intangibles: This intangible asset represents the value of the relationships with deposit customers. The fair value is estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, net maintenance cost of the deposit base, alternative cost of funds, and the interest costs associated with customer deposits. The CDIs will be amortized utilizing the sum of years digits basis.

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Time Deposits: The fair value for time deposits is estimated using a discounted cash flow calculation that applies interest rates currently being offered to the contractual interest rates on such time deposits.

The Corporation's operating results include operating results from American National for the six months ended September 30, 2026. Due to the integration of operating activities into those of the Corporation, bifurcation and reporting of revenues and net income from the former American National operations is impracticable. In addition, such amounts would require significant estimates related to the proper allocation of merger cost savings that cannot be objectively made. The following table presents merger related costs, and the line item that these costs are included in on the consolidated statement of income, for the three and nine months ended September 30, 2026. Additional transaction and integration costs will be expensed in future periods as incurred.


(in thousands)	Three Months Ended September 30, 2026		Nine Months Ended Sep 30, 2026
Personnel	$	723	$	14,087
Technology	9,039		9,820
Occupancy	503		606
Business development and advertising	862		1,516
Equipment	102		200
Legal and professional	2,029		12,282
Other	—		223
Total	$	13,258	$	38,734

Pro Forma Financial Information

The following unaudited pro forma summary presents consolidated information of the Corporation as if the American National acquisition had occurred on January 1, 2025. The amounts do not reflect anticipated operating cost savings, revenue enhancements, or other synergies expected to result from the acquisition. Actual results may differ from the unaudited pro forma information presented.


	Three Months Ended Sep 30,				Nine Months Ended Sep 30,
(Unaudited) (in thousands)	2026		2025		2026		2025
Net interest income and noninterest income	$	462,635	$	437,119	$	1,344,241	$	1,244,017
Net income	155,546		135,670		417,656		337,274

The pro forma adjustments include the effect of excluding acquisition-related expenses of $38.7 million for the nine months ended September 30, 2026 and included such expenses in the nine months ended September 30, 2025. These adjustments also include adjusting amortization and accretion of fair value marks on acquired loans, investments, deposits, intangibles, other assets/liabilities, and the effect of income taxes.

Note 4 Earnings Per Common Share

Earnings per common share are calculated utilizing the two-class method. Basic earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock awards). Presented below are the calculations for basic and diluted earnings per common share:

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	Three Months Ended Sep 30,				Nine Months Ended Sep 30,
(in thousands, except per share data)	2026		2025		2026		2025
Net income	$	146,586	$	124,732	$	389,785	$	337,648
Preferred stock dividends	(2,875)		(2,875)		(8,625)		(8,625)
Net income available to common equity	143,711		121,857		381,160		329,023
Common shareholder dividends	(45,073)		(38,340)		(130,651)		(114,977)
Unvested share-based payment awards	(105)		(190)		(325)		(590)
Undistributed earnings	$	98,533	$	83,326	$	250,184	$	213,457
Undistributed earnings allocated to common shareholders	$	98,311	$	82,913	$	249,505	$	212,415
Undistributed earnings allocated to unvested share-based payment awards	222		413		679		1,042
Undistributed earnings	$	98,533	$	83,326	$	250,184	$	213,457
Basic
Distributed earnings to common shareholders	$	45,073	$	38,340	$	130,651	$	114,977
Undistributed earnings allocated to common shareholders	98,311		82,913		249,505		212,415
Total common shareholders earnings, basic	$	143,384	$	121,253	$	380,156	$	327,392
Diluted
Distributed earnings to common shareholders	$	45,073	$	38,340	$	130,651	$	114,977
Undistributed earnings allocated to common shareholders	98,311		82,913		249,505		212,415
Total common shareholders earnings, diluted	$	143,384	$	121,253	$	380,156	$	327,392
Weighted average common shares outstanding	186,685		165,029		180,034		165,064
Effect of dilutive common stock awards	1,815		1,674		1,748		1,581

Diluted weighted average common shares outstanding	188,500		166,703		181,782		166,645
Basic earnings per common share	$	0.77	$	0.73	$	2.11	$	1.98
Diluted earnings per common share	$	0.76	$	0.73	$	2.09	$	1.96

Excluded from the earnings per common share calculations were nominal amounts and 0.2 million anti-dilutive common stock options for the three months ended September 30, 2026 and 2025, respectively, and nominal amounts and 0.8 million anti-dilutive common stock options for the nine months ended September 30, 2026 and 2025, respectively.

Note 5 Stock-Based Compensation

The fair values of stock options and restricted stock are amortized as compensation expense on a straight-line basis over the vesting period of the grants. For colleagues who meet the definition of retirement eligible under the 2020 Incentive Compensation Plan and 2025 Equity Incentive Plan (collectively, the Incentive Plans), expenses related to stock options and restricted stock grants are fully recognized on the date the colleague meets the definition of normal or early retirement. Compensation expense recognized is included in personnel expense on the consolidated statements of income.

A summary of the Corporation’s stock option activity for the nine months ended September 30, 2026 is presented below:


Stock Options	Shares(a)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value(a)
Outstanding at December 31, 2025	1,460	$	22.71	2.52 years	$	4,483

Exercised	603	23.66

Outstanding at September 30, 2026	857	$	22.04	2.29 years	$	5,661
Options Exercisable at September 30, 2026	857	$	22.04	2.29 years	$	5,661

(a) In thousands

Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock option. For the nine months ended September 30, 2026, the intrinsic value of stock options exercised was $3.6 million, compared to $1.0 million for the nine months ended September 30, 2025. All stock options were vested as of December 31, 2025.

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The Corporation has issued service-based and performance-based restricted stock grants, in the form of awards and units, under the Incentive Plans. Service-based awards are contingent upon continued employment or meeting the requirements for retirement. Performance-based awards are based on performance goals determined by the Compensation and Benefits Committee of the Corporation's Board of Directors, with vesting ranging from a minimum of 0% to a maximum of 150% of the target award. Performance awards are valued utilizing a Monte Carlo simulation model to estimate fair value of the awards at the grant date.

The following table summarizes information about the Corporation’s restricted stock activity for the nine months ended September 30, 2026:


Restricted Stock	Shares(a)	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2025	2,372	$	22.02
Granted	903	26.43
Vested	967	21.70
Forfeited	67	24.44
Outstanding at September 30, 2026	2,241	$	23.86

(a) In thousands

The Corporation amortizes the expense related to restricted stock awards as compensation expense over the vesting period specified in the grant's award agreement. Performance-based restricted stock granted during 2025 and 2026 will cliff-vest after the three year performance period has ended. Service-based restricted stock granted during 2025 and 2026 will generally vest ratably over a period of four years. Expense for restricted stock of $14.7 million and $15.0 million was recorded for the nine months ended September 30, 2026 and September 30, 2025, respectively. Included in compensation expense for the accelerated vesting of restricted stock granted to colleagues meeting applicable retirement eligibility criteria per the related plan documents was $4.5 million and $4.5 million of expense in the first nine months of 2026 and 2025, respectively. The Corporation had $24.2 million of unrecognized compensation costs related to restricted stock at September 30, 2026 that are expected to be recognized over the remaining requisite service periods that extend through the first quarter of 2030.

The Corporation has the ability to issue shares from treasury or new shares upon the exercise of stock options or the granting of restricted stock. The Board of Directors has authorized management to repurchase shares of the Corporation’s common stock, to be made available for issuance in connection with the Corporation’s employee incentive plans and for other corporate purposes. The repurchase of shares, if any, will be based on market and investment opportunities, capital levels, growth prospects, and regulatory constraints. Such repurchases may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchase programs, or similar facilities.

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Note 6 Investment Securities

Investment securities are designated as AFS, HTM, or equity on the consolidated balance sheets. The amortized cost and fair values of AFS and HTM securities at September 30, 2026 were as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


AFS investment securities


Obligations of state and political subdivisions (municipal securities)	$	6,849	$	—	$	(457)	$	6,392
Residential mortgage-related securities:
FNMA/FHLMC	146,337		106		(11,979)		134,464
GNMA	5,542,393		317		(190,604)		5,352,106

Commercial mortgage-related securities:
FNMA/FHLMC	369,363		—		(21,964)		347,399
GNMA	111,099		—		(8,236)		102,863
Asset backed securities:
FFELP	86,587		34		(573)		86,048
SBA	174,150		—		(9,648)		164,502

Other debt securities(a)	6,750		—		(1,696)		5,054
Total AFS investment securities	$	6,443,528	$	457	$	(245,157)	$	6,198,828
HTM investment securities
U.S. Treasury securities	$	997	$	—	$	(4)	$	993
Obligations of state and political subdivisions (municipal securities)	1,576,827		44		(272,110)		1,304,761
Residential mortgage-related securities:
FNMA/FHLMC	771,047		—		(172,347)		598,700
GNMA	36,181		—		(4,547)		31,634
Private-label	284,928		—		(60,012)		224,916
Commercial mortgage-related securities:
FNMA/FHLMC	752,924		—		(143,020)		609,904
GNMA	39,316		—		(5,342)		33,974
Total HTM investment securities	$	3,462,220	$	44	$	(657,382)	$	2,804,882

(a)Unrealized losses includes allowance for credit losses

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The amortized cost and fair values of AFS and HTM securities at December 31, 2025 were as follows:


(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value


AFS investment securities


Obligations of state and political subdivisions (municipal securities)	$	3,063	$	1	$	(20)	$	3,044
Residential mortgage-related securities:
FNMA/FHLMC	134,142		1,214		(5,493)		129,863
GNMA	5,000,015		40,067		(253)		5,039,829

Commercial mortgage-related securities:
FNMA/FHLMC	17,959		—		(1,001)		16,958
GNMA	113,374		—		(3,818)		109,556
Asset backed securities:
FFELP	95,977		19		(950)		95,046
SBA	283		—		(14)		269

Other debt securities	3,000		—		(2)		2,998
Total AFS investment securities	$	5,367,813	$	41,301	$	(11,551)	$	5,397,563
HTM investment securities
U.S. Treasury securities	$	996	$	19	$	—	$	1,015
Obligations of state and political subdivisions (municipal securities)	1,628,088		3,070		(123,856)		1,507,302
Residential mortgage-related securities:
FNMA/FHLMC	823,630		165		(127,333)		696,462
GNMA	39,123		82		(2,321)		36,884
Private-label	302,817		—		(43,990)		258,827
Commercial mortgage-related securities:
FNMA/FHLMC	763,370		—		(113,004)		650,366
GNMA	44,552		152		(4,566)		40,138
Total HTM investment securities	$	3,602,576	$	3,488	$	(415,070)	$	3,190,994

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The expected maturities of AFS and HTM securities at September 30, 2026, are shown below:


	AFS					HTM
(in thousands)	Amortized Cost		Fair Value			Amortized Cost		Fair Value
Due in one year or less	$	4,750	$	3,059		$	7,118	$	7,080
Due after one year through five years	6,243		6,002			90,248		87,290
Due after five years through ten years	—		—			333,317		302,799
Due after ten years	2,606		2,385			1,147,141		908,585
Total municipal, U.S. Treasury and other debt securities	13,599		11,446			1,577,824		1,305,754
Residential mortgage-related securities:
FNMA/FHLMC	146,337		134,464			771,047		598,700
GNMA	5,542,393		5,352,106			36,181		31,634
Private-label	—		—			284,928		224,916
Commercial mortgage-related securities:
FNMA/FHLMC	369,363		347,399			752,924		609,904
GNMA	111,099		102,863			39,316		33,974
Asset backed securities:
FFELP	86,587		86,048			—		—
SBA	174,150		164,502			—		—

Total investment securities	$	6,443,528	$	6,198,828		$	3,462,220	$	2,804,882
Ratio of fair value to amortized cost			96.2		%			81.0		%

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Investment securities with a carrying value of $1.0 billion at September 30, 2026 and $1.2 billion at December 31, 2025, respectively, were pledged as required to secure certain deposits or for other purposes.

Accrued interest receivable on HTM securities totaled $14.6 million and $17.7 million at September 30, 2026 and December 31, 2025, respectively. Accrued interest receivable on AFS securities totaled $25.0 million and $23.0 million at September 30, 2026 and December 31, 2025, respectively. Accrued interest receivable on both HTM and AFS securities is included in interest receivable on the consolidated balance sheets.

The Corporation holds U.S. Treasury, municipal, and mortgage-related securities issued by the U.S. government or a GSE which are backed by the full faith and credit of the U.S. government or are GSE guaranteed. The Corporation also holds private-label residential mortgage-related securities that have credit enhancement which covers the first 16% of losses and, as a result, no allowance for credit losses has been recorded related to these securities.

There was a $0.1 million allowance for credit losses on HTM securities at September 30, 2026 and $0.1 million at December 31, 2025, attributable entirely to the Corporation's municipal securities, included in HTM investment securities, net, at amortized cost on the consolidated balance sheets. The allowance for credit losses on AFS securities was $1.7 million at September 30, 2026 and zero at December 31, 2025, attributable to a corporate bond acquired through the recent acquisition of American National, included in other debt securities within the AFS investment securities, net, caption on the consolidated balance sheets.

The following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at September 30, 2026:


	Less than 12 months					12 months or more					Total
(in thousands)	Number of Securities	Unrealized Losses		Fair Value		Number of Securities	Unrealized Losses		Fair Value		Unrealized Losses		Fair Value
AFS investment securities


Obligations of state and political subdivisions (municipal securities)	8	$	(441)	$	6,158	1	$	(16)	$	234	$	(457)	$	6,392
Residential mortgage-related securities:
FNMA/FHLMC	62	(4,607)		84,740		8	(7,372)		44,429		(11,979)		129,169
GNMA	384	(190,401)		5,247,698		3	(203)		2,669		(190,604)		5,250,367

Commercial mortgage-related securities:
FNMA/FHLMC	9	(20,066)		331,626		1	(1,898)		15,773		(21,964)		347,399
GNMA	—	—		—		15	(8,236)		102,864		(8,236)		102,864
Asset backed securities:
FFELP	1	(34)		5,618		12	(539)		50,269		(573)		55,887
SBA	9	(9,641)		164,402		2	(7)		99		(9,648)		164,501
Other debt securities(a)	3	(1,696)		4,054		—	—		—		(1,696)		4,054

Total	476	$	(226,886)	$	5,844,296	42	$	(18,271)	$	216,337	$	(245,157)	$	6,060,633
HTM investment securities
U.S. Treasury securities	1	$	(4)	$	994	—	$	—	$	—	$	(4)	$	994
Obligations of state and political subdivisions (municipal securities)	636	$	(68,956)	$	755,193	408	$	(203,154)	$	539,761	$	(272,110)	$	1,294,954
Residential mortgage-related securities:
FNMA/FHLMC	21	(1,262)		20,955		99	(171,085)		577,745		(172,347)		598,700
GNMA	7	(555)		7,473		78	(3,992)		24,161		(4,547)		31,634
Private-label	—	—		—		18	(60,012)		224,916		(60,012)		224,916
Commercial mortgage-related securities:
FNMA/FHLMC	2	(1,985)		24,674		43	(141,035)		585,230		(143,020)		609,904
GNMA	—	—		—		13	(5,342)		33,974		(5,342)		33,974
Total	667	$	(72,762)	$	809,289	659	$	(584,620)	$	1,985,787	$	(657,382)	$	2,795,076

(a)Unrealized losses includes allowance for credit losses

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For comparative purposes, the following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2025:


	Less than 12 months					12 months or more					Total
(in thousands)	Number of Securities	Unrealized Losses		Fair Value		Number of Securities	Unrealized Losses		Fair Value		Unrealized Losses		Fair Value
AFS investment securities


Obligations of state and political subdivisions (municipal securities)	—	$	—	$	—	2	$	(20)	$	863	$	(20)	$	863
Residential mortgage-related securities:
FNMA/FHLMC	12	(95)		14,155		12	(5,398)		56,215		(5,493)		70,370
GNMA	16	(232)		143,734		3	(21)		2,674		(253)		146,408

Commercial mortgage-related securities:
FNMA/FHLMC	—	—		—		1	(1,001)		16,958		(1,001)		16,958
GNMA	—	—		—		15	(3,818)		109,556		(3,818)		109,556
Asset backed securities:
FFELP	2	(152)		33,239		12	(798)		55,565		(950)		88,804
SBA	—	—		—		2	(14)		231		(14)		231
Other debt securities	2	(2)		1,998		—	—		—		(2)		1,998

Total	32	$	(481)	$	193,126	47	$	(11,070)	$	242,062	$	(11,551)	$	435,188
HTM investment securities

Obligations of state and political subdivisions (municipal securities)	81	$	(2,978)	$	89,826	543	$	(120,878)	$	842,485	$	(123,856)	$	932,311
Residential mortgage-related securities:
FNMA/FHLMC	1	—		30		102	(127,333)		676,915		(127,333)		676,945
GNMA	—	—		—		80	(2,321)		30,237		(2,321)		30,237
Private-label	—	—		—		18	(43,990)		258,827		(43,990)		258,827
Commercial mortgage-related securities:
FNMA/FHLMC	2	(470)		26,287		43	(112,534)		624,079		(113,004)		650,366
GNMA	—	—		—		13	(4,566)		40,138		(4,566)		40,138
Total	84	$	(3,448)	$	116,143	799	$	(411,622)	$	2,472,681	$	(415,070)	$	2,588,824

On a quarterly basis, the Corporation refreshes the credit quality of each HTM security. The Company monitors the credit quality of HTM securities through credit ratings provided by S&P and Moody’s. Investment grade securities are rated BBB- or higher by S&P, or Baa3 or higher by Moody’s, and are generally considered by the rating agencies and market participants to be of low credit risk. As of September 30, 2026 and December 31, 2025, the Corporation's HTM portfolio contained all investment grade securities except for securities that were not rated which were individually reviewed noting no credit quality issues.

Based on the Corporation’s evaluation, management does not believe any unrealized losses at September 30, 2026 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions, except as disclosed above. As of September 30, 2026, the Corporation does not intend to sell, nor does it believe that it will be required to sell, the securities in an unrealized loss position before recovery of their amortized cost basis.

Regulatory stocks: The Corporation had FHLB stock of $188.4 million and $154.4 million at September 30, 2026 and December 31, 2025, respectively. The Corporation had Federal Reserve Bank stock of $115.9 million and $98.1 million at September 30, 2026 and December 31, 2025, respectively.

Accrued interest receivable on FHLB stock totaled $4.1 million at September 30, 2026 and $2.8 million at December 31, 2025. There was $1.7 million accrued interest receivable on Federal Reserve Bank Stock at September 30, 2026 and none at December 31, 2025. Accrued interest receivable on both FHLB stock and Federal Reserve Bank stock is included in interest receivable on the consolidated balance sheets.

Table of Contents

Equity Securities

Equity securities with readily determinable fair values: The Corporation's portfolio of equity securities with readily determinable fair values is primarily comprised of mutual funds. The Corporation had equity securities with readily determinable fair values of $15.0 million and $11.1 million at September 30, 2026 and December 31, 2025, respectively.

Equity securities without readily determinable fair values: The Corporation's portfolio of equity securities without readily determinable fair values primarily consists of an investment in a private loan fund. The Corporation had equity securities without readily determinable fair values carried at $15.0 million at both September 30, 2026 and December 31, 2025.

Note 7 Loans

The period end loan composition was as follows:


(in thousands)	Sep 30, 2026		Dec 31, 2025


Commercial and industrial	$	13,804,140	$	11,799,757
Commercial real estate — owner occupied	1,601,925		1,186,324
Commercial and business lending	15,406,065		12,986,081
Commercial real estate — investor	6,494,991		5,246,030
Real estate construction	2,601,571		1,994,642
Commercial real estate lending	9,096,562		7,240,672
Total commercial	24,502,627		20,226,753
Residential mortgage	6,740,214		6,793,957
Auto finance	4,093,215		3,106,498
Home equity	848,507		713,271
Other consumer	335,308		323,135
Total consumer	12,017,244		10,936,861
Total loans	$	36,519,871	$	31,163,614

Accrued interest receivable on loans totaled $138.3 million at September 30, 2026 and $117.6 million at December 31, 2025, and is included in interest receivable on the consolidated balance sheets. The amount of accrued interest reversed was $1.0 million for the three months ended September 30, 2026 and $1.8 million for the nine months ended September 30, 2026, compared to $0.5 million for the three months ended September 30, 2025 and $1.7 million for the nine months ended September 30, 2025.

Table of Contents

The following table presents loans by credit quality indicator by origination year at September 30, 2026:


					Term Loans Amortized Cost Basis by Origination Year(a)
(in thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		YTD 2026		2025		2024		2023		2022		Prior		Total














Commercial and industrial:
Risk rating:
Pass	$	28,242	$	2,473,485	$	3,350,434	$	3,647,461	$	1,528,337	$	806,941	$	756,529	$	640,720	$	13,203,907
Special mention	—		13,538		464		99,393		6,419		6,326		3,766		30,956		160,862
Substandard	660		113,070		39,695		31,657		18,810		12,993		130,780		27,406		374,411
Nonaccrual	19		662		481		89		23,408		4,209		268		35,843		64,960
Commercial and industrial	$	28,921	$	2,600,755	$	3,391,074	$	3,778,600	$	1,576,974	$	830,469	$	891,343	$	734,925	$	13,804,140
Commercial real estate - owner occupied:
Risk rating:
Pass	$	106	$	180,904	$	219,020	$	240,585	$	196,660	$	134,447	$	182,095	$	348,796	$	1,502,507
Special mention	—		1,232		—		147		—		85		—		10,170		11,634
Substandard	—		23,013		1,712		7,951		19,505		16,493		41		17,411		86,126
Nonaccrual	—		—		355		—		—		—		614		689		1,658
Commercial real estate - owner occupied	$	106	$	205,149	$	221,087	$	248,683	$	216,165	$	151,025	$	182,750	$	377,066	$	1,601,925
Commercial and business lending:
Risk rating:
Pass	$	28,348	$	2,654,389	$	3,569,454	$	3,888,046	$	1,724,997	$	941,388	$	938,624	$	989,516	$	14,706,414
Special mention	—		14,770		464		99,540		6,419		6,411		3,766		41,126		172,496
Substandard	660		136,083		41,407		39,608		38,315		29,486		130,821		44,817		460,537
Nonaccrual	19		662		836		89		23,408		4,209		882		36,532		66,618
Commercial and business lending	$	29,027	$	2,805,904	$	3,612,161	$	4,027,283	$	1,793,139	$	981,494	$	1,074,093	$	1,111,991	$	15,406,065
Commercial real estate - investor:
Risk rating:
Pass	$	794	$	713,770	$	1,463,204	$	1,536,465	$	641,786	$	342,346	$	647,234	$	763,920	$	6,108,725
Special mention	—		628		130,641		281		3,055		17,399		57,943		28,026		237,973
Substandard	—		17,837		12,552		12,357		3,976		5,924		53,921		27,611		134,178
Nonaccrual	—		671		—		3,911		—		—		7,831		1,702		14,115
Commercial real estate - investor	$	794	$	732,906	$	1,606,397	$	1,553,014	$	648,817	$	365,669	$	766,929	$	821,259	$	6,494,991
Real estate construction:
Risk rating:
Pass	$	—	$	233,335	$	366,038	$	590,769	$	830,808	$	152,908	$	3,353	$	6,026	$	2,183,237
Special mention	—		2,406		19,880		—		35,091		—		30,185		—		87,562
Substandard	—		25,541		91,700		49,074		7,656		34,493		117,775		—		326,239
Nonaccrual	—		4,301		—		—		171		38		—		23		4,533
Real estate construction	$	—	$	265,583	$	477,618	$	639,843	$	873,726	$	187,439	$	151,313	$	6,049	$	2,601,571
Commercial real estate lending:
Risk rating:
Pass	$	794	$	947,105	$	1,829,242	$	2,127,234	$	1,472,594	$	495,254	$	650,587	$	769,946	$	8,291,962
Special mention	—		3,034		150,521		281		38,146		17,399		88,128		28,026		325,535
Substandard	—		43,378		104,252		61,431		11,632		40,417		171,696		27,611		460,417
Nonaccrual	—		4,972		—		3,911		171		38		7,831		1,725		18,648
Commercial real estate lending	$	794	$	998,489	$	2,084,015	$	2,192,857	$	1,522,543	$	553,108	$	918,242	$	827,308	$	9,096,562
Total commercial:
Risk rating:
Pass	$	29,142	$	3,601,494	$	5,398,696	$	6,015,280	$	3,197,591	$	1,436,642	$	1,589,211	$	1,759,462	$	22,998,376
Special mention	—		17,804		150,985		99,821		44,565		23,810		91,894		69,152		498,031
Substandard	660		179,461		145,659		101,039		49,947		69,903		302,517		72,428		920,954
Nonaccrual	19		5,634		836		4,000		23,579		4,247		8,713		38,257		85,266
Total commercial	$	29,821	$	3,804,393	$	5,696,176	$	6,220,140	$	3,315,682	$	1,534,602	$	1,992,335	$	1,939,299	$	24,502,627

Table of Contents


					Term Loans Amortized Cost Basis by Origination Year(a)
(in thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		YTD 2026		2025		2024		2023		2022		Prior		Total
Residential mortgage:
Risk rating:
Pass	$	—	$	—	$	247,572	$	336,139	$	255,517	$	428,775	$	1,416,314	$	3,971,116	$	6,655,433
Special mention	—		—		—		—		—		20		—		162		182
Substandard	—		—		5,349		—		568		307		451		—		6,675
Nonaccrual	—		—		137		2,457		5,193		7,382		14,183		48,572		77,924
Residential mortgage	$	—	$	—	$	253,058	$	338,596	$	261,278	$	436,484	$	1,430,948	$	4,019,850	$	6,740,214
Auto finance:
Risk rating:
Pass	$	—	$	—	$	1,213,885	$	1,297,093	$	784,020	$	439,856	$	297,260	$	44,123	$	4,076,237
Special mention	—		—		382		984		1,009		851		760		121		4,107

Nonaccrual	—		—		531		2,328		2,825		3,411		3,114		662		12,871
Auto finance	$	—	$	—	$	1,214,798	$	1,300,405	$	787,854	$	444,118	$	301,134	$	44,906	$	4,093,215
Home equity:
Risk rating:
Pass	$	17,899	$	747,508	$	1,440	$	6,157	$	3,807	$	5,219	$	20,052	$	55,453	$	839,636
Special mention	668		304		—		200		517		118		85		327		1,551

Nonaccrual	891		341		—		52		240		209		1,164		5,314		7,320
Home equity	$	19,458	$	748,153	$	1,440	$	6,409	$	4,564	$	5,546	$	21,301	$	61,094	$	848,507
Other consumer:
Risk rating:
Pass	$	207	$	263,790	$	12,600	$	8,573	$	3,455	$	1,823	$	756	$	41,303	$	332,300
Special mention	49		900		13		—		13		55		5		—		986
Substandard	—		1,967		—		—		—		—		—		—		1,967
Nonaccrual	4		35		—		—		—		10		8		2		55
Other consumer	$	260	$	266,692	$	12,613	$	8,573	$	3,468	$	1,888	$	769	$	41,305	$	335,308
Total consumer:
Risk rating:
Pass	$	18,106	$	1,011,298	$	1,475,497	$	1,647,962	$	1,046,799	$	875,673	$	1,734,382	$	4,111,995	$	11,903,606
Special mention	717		1,204		395		1,184		1,539		1,044		850		610		6,826
Substandard	—		1,967		5,349		—		568		307		451		—		8,642
Nonaccrual	895		376		668		4,837		8,258		11,012		18,469		54,550		98,170
Total consumer	$	19,718	$	1,014,845	$	1,481,909	$	1,653,983	$	1,057,164	$	888,036	$	1,754,152	$	4,167,155	$	12,017,244
Total loans:
Risk rating:
Pass	$	47,248	$	4,612,792	$	6,874,193	$	7,663,242	$	4,244,390	$	2,312,315	$	3,323,593	$	5,871,457	$	34,901,982
Special mention	717		19,008		151,380		101,005		46,104		24,854		92,744		69,762		504,857
Substandard	660		181,428		151,008		101,039		50,515		70,210		302,968		72,428		929,596
Nonaccrual	914		6,010		1,504		8,837		31,837		15,259		27,182		92,807		183,436
Total loans	$	49,539	$	4,819,238	$	7,178,085	$	7,874,123	$	4,372,846	$	2,422,638	$	3,746,487	$	6,106,454	$	36,519,871

(a) Revolving loans converted to term loans are those converted during the reporting period and are also reported in their year of origination.

Table of Contents

The following table presents loans by credit quality indicator by origination year at December 31, 2025:


					Term Loans Amortized Cost Basis by Origination Year(a)
(in thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		2025		2024		2023		2022		2021		Prior		Total







Commercial and industrial:
Risk rating:
Pass	$	503	$	1,920,351	$	3,886,880	$	2,097,760	$	1,133,873	$	1,238,941	$	521,793	$	471,834	$	11,271,432
Special mention	—		11,139		3,024		311		13,774		5,849		24,971		293		59,361
Substandard	7,290		65,451		60,593		78,773		22,126		162,841		70,231		1,771		461,786
Nonaccrual	1,473		—		25		7,153		—		—		—		—		7,178
Commercial and industrial	$	9,266	$	1,996,941	$	3,950,522	$	2,183,997	$	1,169,773	$	1,407,631	$	616,995	$	473,898	$	11,799,757
Commercial real estate - owner occupied:
Risk rating:
Pass	$	—	$	2,957	$	241,141	$	180,867	$	141,254	$	167,496	$	157,837	$	201,588	$	1,093,140
Special mention	—		—		—		11,620		5,432		—		—		1,242		18,294
Substandard	—		13,445		7,478		14,001		15,635		1,691		11,929		10,508		74,687
Nonaccrual	—		—		203		—		—		—		—		—		203
Commercial real estate - owner occupied	$	—	$	16,402	$	248,822	$	206,488	$	162,321	$	169,187	$	169,766	$	213,338	$	1,186,324
Commercial and business lending:
Risk rating:
Pass	$	503	$	1,923,308	$	4,128,021	$	2,278,627	$	1,275,127	$	1,406,437	$	679,630	$	673,422	$	12,364,572
Special mention	—		11,139		3,024		11,931		19,206		5,849		24,971		1,535		77,655
Substandard	7,290		78,896		68,071		92,774		37,761		164,532		82,160		12,279		536,473
Nonaccrual	1,473		—		228		7,153		—		—		—		—		7,381
Commercial and business lending	$	9,266	$	2,013,343	$	4,199,344	$	2,390,485	$	1,332,094	$	1,576,818	$	786,761	$	687,236	$	12,986,081
Commercial real estate - investor:
Risk rating:
Pass	$	3,195	$	185,825	$	1,842,395	$	776,187	$	503,511	$	711,947	$	432,442	$	503,468	$	4,955,775
Special mention	—		—		40,067		11,135		14,809		58,523		26,964		5,007		156,505
Substandard	—		—		24,090		1,446		7,741		70,608		17,633		3,921		125,439
Nonaccrual	—		—		—		546		—		7,765		—		—		8,311
Commercial real estate - investor	$	3,195	$	185,825	$	1,906,552	$	789,314	$	526,061	$	848,843	$	477,039	$	512,396	$	5,246,030
Real estate construction:
Risk rating:
Pass	$	—	$	33,847	$	359,610	$	720,429	$	223,239	$	175,056	$	2,991	$	5,768	$	1,520,940
Special mention	—		—		20,611		—		—		51,262		—		—		71,873
Substandard	—		—		122,320		42,511		48,980		187,874		—		—		401,685
Nonaccrual	—		—		—		—		—		—		—		144		144
Real estate construction	$	—	$	33,847	$	502,541	$	762,940	$	272,219	$	414,192	$	2,991	$	5,912	$	1,994,642
Commercial real estate lending:
Risk rating:
Pass	$	3,195	$	219,672	$	2,202,005	$	1,496,616	$	726,750	$	887,003	$	435,433	$	509,236	$	6,476,715
Special mention	—		—		60,678		11,135		14,809		109,785		26,964		5,007		228,378
Substandard	—		—		146,410		43,957		56,721		258,482		17,633		3,921		527,124
Nonaccrual	—		—		—		546		—		7,765		—		144		8,455
Commercial real estate lending	$	3,195	$	219,672	$	2,409,093	$	1,552,254	$	798,280	$	1,263,035	$	480,030	$	518,308	$	7,240,672

Table of Contents


					Term Loans Amortized Cost Basis by Origination Year(a)
(in thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		2025		2024		2023		2022		2021		Prior		Total
Total commercial:
Risk rating:
Pass	$	3,698	$	2,142,980	$	6,330,026	$	3,775,243	$	2,001,877	$	2,293,440	$	1,115,063	$	1,182,658	$	18,841,287
Special mention	—		11,139		63,702		23,066		34,015		115,634		51,935		6,542		306,033
Substandard	7,290		78,896		214,481		136,731		94,482		423,014		99,793		16,200		1,063,597
Nonaccrual	1,473		—		228		7,699		—		7,765		—		144		15,836
Total commercial	$	12,461	$	2,233,015	$	6,608,437	$	3,942,739	$	2,130,374	$	2,839,853	$	1,266,791	$	1,205,544	$	20,226,753
Residential mortgage:
Risk rating:
Pass	$	—	$	—	$	253,364	$	238,787	$	480,076	$	1,488,335	$	1,499,223	$	2,764,379	$	6,724,164

Substandard	—		—		—		580		292		129		300		—		1,301
Nonaccrual	—		—		2,425		3,102		5,101		13,141		8,985		35,738		68,492
Residential mortgage	$	—	$	—	$	255,789	$	242,469	$	485,469	$	1,501,605	$	1,508,508	$	2,800,117	$	6,793,957
Auto finance:
Risk rating:
Pass	$	—	$	—	$	1,287,267	$	842,838	$	551,549	$	388,064	$	26,402	$	2	$	3,096,122
Special mention	—		—		295		325		814		621		50		—		2,105

Nonaccrual	—		—		559		1,356		2,811		3,255		290		—		8,271
Auto finance	$	—	$	—	$	1,288,121	$	844,519	$	555,174	$	391,940	$	26,742	$	2	$	3,106,498
Home equity:
Risk rating:
Pass	$	15,259	$	623,853	$	855	$	2,188	$	2,728	$	20,514	$	4,733	$	49,793	$	704,664
Special mention	315		52		—		119		190		104		—		368		833

Nonaccrual	1,038		173		2		221		333		1,016		414		5,615		7,774
Home equity	$	16,612	$	624,078	$	857	$	2,528	$	3,251	$	21,634	$	5,147	$	55,776	$	713,271
Other consumer:
Risk rating:
Pass	$	529	$	255,490	$	13,159	$	4,070	$	1,990	$	958	$	264	$	43,575	$	319,506
Special mention	12		1,139		27		—		5		9		—		20		1,200
Substandard	—		2,374		—		—		—		—		—		—		2,374
Nonaccrual	2		35		—		3		12		—		2		3		55
Other consumer	$	543	$	259,038	$	13,186	$	4,073	$	2,007	$	967	$	266	$	43,598	$	323,135
Total consumer:
Risk rating:
Pass	$	15,788	$	879,343	$	1,554,645	$	1,087,883	$	1,036,343	$	1,897,871	$	1,530,622	$	2,857,749	$	10,844,456
Special mention	327		1,191		322		444		1,009		734		50		388		4,138
Substandard	—		2,374		—		580		292		129		300		—		3,675
Nonaccrual	1,040		208		2,986		4,682		8,257		17,412		9,691		41,356		84,592
Total consumer	$	17,155	$	883,116	$	1,557,953	$	1,093,589	$	1,045,901	$	1,916,146	$	1,540,663	$	2,899,493	$	10,936,861
Total loans:
Risk rating:
Pass	$	19,486	$	3,022,323	$	7,884,671	$	4,863,126	$	3,038,220	$	4,191,311	$	2,645,685	$	4,040,407	$	29,685,743
Special mention	327		12,330		64,024		23,510		35,024		116,368		51,985		6,930		310,171
Substandard	7,290		81,270		214,481		137,311		94,774		423,143		100,093		16,200		1,067,272
Nonaccrual	2,513		208		3,214		12,381		8,257		25,177		9,691		41,500		100,428
Total loans	$	29,616	$	3,116,131	$	8,166,390	$	5,036,328	$	3,176,275	$	4,755,999	$	2,807,454	$	4,105,037	$	31,163,614

(a) Revolving loans converted to term loans are those converted during the reporting period and are also reported in their year of origination.

Table of Contents

The following table presents gross charge offs by origination year for the nine months ended September 30, 2026:


			Gross Charge Offs by Origination Year
(in thousands)	Rev Loans Amortized Cost Basis		2026		2025		2024		2023		2022		Prior		Total
Commercial and industrial	$	15,083	$	135	$	14,181	$	407	$	715	$	425	$	9,887	$	40,833
Commercial real estate-owner occupied	—		—		—		—		—		—		—		—
Commercial and business lending	15,083		135		14,181		407		715		425		9,887		40,833
Commercial real estate-investor	—		—		—		—		—		—		2,710		2,710
Real estate construction	—		—		—		—		—		—		—		—
Commercial real estate lending	—		—		—		—		—		—		2,710		2,710
Total commercial	15,083		135		14,181		407		715		425		12,597		43,543
Residential mortgage	—		3		5		139		85		41		108		381
Auto finance	—		560		2,584		1,889		2,769		2,589		371		10,762
Home equity	1		—		60		—		2		13		328		404
Other consumer	5,822		11		154		47		47		18		38		6,137
Total consumer	5,823		574		2,803		2,075		2,903		2,661		845		17,684
Total gross charge offs	$	20,906	$	709	$	16,984	$	2,482	$	3,618	$	3,086	$	13,442	$	61,227

The following table presents gross charge offs by origination year for the year ended December 31, 2025:


			Gross Charge Offs by Origination Year
(in thousands)	Rev Loans Amortized Cost Basis		2025		2024		2023		2022		2021		Prior		Total
Commercial and industrial	$	5,424	$	831	$	627	$	3,555	$	3,799	$	379	$	—	$	14,615
Commercial real estate-owner occupied	—		—		—		113		—		—		—		113
Commercial and business lending	5,424		831		627		3,668		3,799		379		—		14,728
Commercial real estate-investor	—		—		8,356		184		12,666		—		—		21,206
Real estate construction	—		—		—		—		—		—		—		—
Commercial real estate lending	—		—		8,356		184		12,666		—		—		21,206
Total commercial	5,424		831		8,983		3,852		16,465		379		—		35,934
Residential mortgage	—		—		115		209		320		74		430		1,148
Auto finance	—		432		1,699		2,804		3,384		433		—		8,752
Home equity	—		—		—		26		5		5		380		416
Other consumer	8,194		18		85		63		63		224		56		8,703
Total consumer	8,194		450		1,899		3,102		3,772		736		866		19,019
Total gross charge offs	$	13,618	$	1,281	$	10,882	$	6,954	$	20,237	$	1,115	$	866	$	54,953

Factors that are important to managing overall credit quality are sound loan underwriting and administration, systematic monitoring of existing loans and commitments, effective loan review on an ongoing basis, early identification of potential problems, and appropriate policies for ACLL, nonaccrual loans, and charge offs.

For commercial loans, management has determined the pass credit quality indicator to include credits exhibiting acceptable financial statements, cash flow, and leverage. If any risk exists, it is mitigated by the loan structure, collateral, monitoring, or control. For consumer loans, performing loans include credits performing in accordance with the original contractual terms.

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Special mention credits have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the credit or in the credit position at some future date. Accruing loan modifications could be pass or special mention, depending on the risk rating on the loan. Substandard loans are considered inadequately protected by the current sound worth and paying capacity of the obligor or the collateral pledged, if any. These loans have a well-defined weakness, or weaknesses, which may jeopardize liquidation of the debt, and are characterized by the distinct possibility the Corporation will sustain some loss if the deficiencies are not corrected. Commercial loan relationships over $0.5 million in nonaccrual status, or that otherwise do not share similar risk characteristics with other loans, including those for which a debt restructuring is probable, are evaluated individually for expected credit losses. Commercial loans classified as special mention, substandard, and nonaccrual are reviewed at a minimum on a quarterly basis, while pass credits, which are performing rated credits, are generally reviewed on an annual basis or more frequently if the loan renewal is less than one year or if otherwise warranted.

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The recorded investment of consumer loans secured by residential real estate properties for which foreclosure proceedings are in process totaled $16.6 million and $20.1 million at September 30, 2026 and December 31, 2025, respectively.

The following table presents loans by past due status at September 30, 2026:


	Accruing
(in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		Nonaccrual(a)(b)		Total


Commercial and industrial	$	13,734,457	$	1,052	$	2,465	$	1,206	$	64,960	$	13,804,140
Commercial real estate - owner occupied	1,600,128		—		139		—		1,658		1,601,925
Commercial and business lending	15,334,585		1,052		2,604		1,206		66,618		15,406,065
Commercial real estate - investor	6,473,416		815		655		5,990		14,115		6,494,991
Real estate construction	2,596,005		577		456		—		4,533		2,601,571
Commercial real estate lending	9,069,421		1,392		1,111		5,990		18,648		9,096,562
Total commercial	24,404,006		2,444		3,715		7,196		85,266		24,502,627
Residential mortgage	6,642,025		19,863		182		220		77,924		6,740,214
Auto finance	4,034,162		42,075		4,107		—		12,871		4,093,215
Home equity	836,179		3,457		1,551		—		7,320		848,507
Other consumer(c)	330,858		1,378		1,004		2,013		55		335,308
Total consumer	11,843,224		66,773		6,844		2,233		98,170		12,017,244
Total loans	$	36,247,230	$	69,217	$	10,559	$	9,429	$	183,436	$	36,519,871

(a) Of the total nonaccrual loans, $84.4 million, or 46%, were current with respect to payment at September 30, 2026.

(b) No interest income was recognized on nonaccrual loans for the three and nine months ended September 30, 2026. In addition, there were $19.3 million of nonaccrual loans for which there was no related ACLL at September 30, 2026.

The following table presents loans by past due status at December 31, 2025:


	Accruing
(in thousands)	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		Nonaccrual(a)(b)		Total


Commercial and industrial	$	11,789,526	$	2,153	$	530	$	370	$	7,178	$	11,799,757
Commercial real estate - owner occupied	1,186,087		—		34		—		203		1,186,324
Commercial and business lending	12,975,613		2,153		564		370		7,381		12,986,081
Commercial real estate - investor	5,218,314		14,148		5,257		—		8,311		5,246,030
Real estate construction	1,994,381		117		—		—		144		1,994,642
Commercial real estate lending	7,212,695		14,265		5,257		—		8,455		7,240,672
Total commercial	20,188,308		16,418		5,821		370		15,836		20,226,753
Residential mortgage	6,712,330		13,135		—		—		68,492		6,793,957
Auto finance	3,081,782		14,340		2,105		—		8,271		3,106,498
Home equity	701,719		2,945		833		—		7,774		713,271
Other consumer(c)	317,932		1,473		1,231		2,444		55		323,135
Total consumer	10,813,763		31,893		4,169		2,444		84,592		10,936,861
Total loans	$	31,002,071	$	48,311	$	9,990	$	2,814	$	100,428	$	31,163,614

(a) Of the total nonaccrual loans, $31.2 million, or 31%, were current with respect to payment at December 31, 2025.

(b) No interest income was recognized on nonaccrual loans for the year ended December 31, 2025. In addition, there were $14.6 million of nonaccrual loans for which there was no related ACLL at December 31, 2025

Loan Modifications

The following tables show the composition of loan modifications made to borrowers experiencing financial difficulty by the loan portfolio and type of concessions granted. Each of the types of concessions granted comprised less than 1% of their respective classes of loan portfolios at September 30, 2026 and September 30, 2025.


	Interest Rate Concession
	Amortized Cost
	Three Months Ended Sep 30,				Nine Months Ended Sep 30,
(in thousands)	2026		2025		2026		2025
Commercial and industrial	$	110	$	210	$	257	$	417
Residential mortgage	41		139		41		139


Other consumer	675		750		1,665		1,891
Total loans modified	$	826	$	1,098	$	1,963	$	2,448

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	Term Extension
	Amortized Cost
	Three Months Ended Sep 30,				Nine Months Ended Sep 30,
(in thousands)	2026		2025		2026		2025

Residential mortgage	$	411	$	194	$	1,466	$	498


	Combination - Interest Rate Concession and Term Extension
	Amortized Cost
	Three Months Ended Sep 30,				Nine Months Ended Sep 30,
(in thousands)	2026		2025		2026		2025

Residential mortgage	$	1,992	$	1,815	$	5,446	$	3,903
Home equity	—		75		86		168

Total loans modified	$	1,992	$	1,889	$	5,532	$	4,071

The following tables summarize, by loan portfolio, the financial effect of the Corporation's loan modifications on the modified loans.


	Interest Rate Concession
	Financial Effect, Weighted Average Contractual Interest Rate (Decrease) Increase(a)
	Three Months Ended Sep 30,				Nine Months Ended Sep 30,
Loan Type	2026		2025		2026		2025
Commercial and industrial	(22)	%	(23)	%	(22)	%	(24)	%
Residential mortgage	1	%	1	%	1	%	1	%

Home equity	—	%	(3)	%	(2)	%	(2)	%
Other consumer	(21)	%	(22)	%	(21)	%	(21)	%
Weighted average of total loans modified	(5)	%	(6)	%	(5)	%	(7)	%

(a) Some interest rate concessions may involve an increase in rate that was lower in comparison to prevailing market rates.

Term Extension

Financial Effect, Weighted Average Term Increase(a)

Three Months Ended Sep 30,

Nine Months Ended Sep 30,

Loan Type

2026

2025

2026

2025

Residential mortgage

148 months

122 months

121 months

138 months

Home equity

0 months

60 months

131 months

60 months

Weighted average of total loans modified

148 months

120 months

121 months

135 months

(a) During the three months ended September 30, 2026 and September 30, 2025, term extensions changed the weighted average term on modified loans from 299 to 447 months and 294 to 414 months, respectively. During the nine months ended September 30, 2026 and September 30, 2025, term extensions changed the weighted average term on modified loans from 303 to 424 months and 281 to 416 months, respectively.

The Corporation closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the twelve months ended September 30, 2026:


	Payment Status (Amortized Cost Basis)
(in thousands)	Current		30-89 Days Past Due		90+ Days Past Due
Commercial and industrial	$	301	$	—	$	—
Residential mortgage	6,085		1,965		867

Home equity	49		147		—
Other consumer	2,001		—		—
Total loans modified	$	8,436	$	2,112	$	867

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The following table depicts the performance of loans that have been modified in the twelve months ended September 30, 2025:


	Payment Status (Amortized Cost Basis)
(in thousands)	Current		30-89 Days Past Due		90+ Days Past Due
Commercial and industrial	$	458	$	—	$	—
Residential mortgage	4,424		880		433

Home equity	221		—		—
Other consumer	2,220		—		—
Total loans modified	$	7,324	$	880	$	433

The following table provides the amortized cost of loan modifications by loan portfolio and type of concession for loans that were modified in the previous twelve months and subsequently had a payment default during the nine months ended September 30, 2026:


	Amortized Cost of Loan Modifications that Subsequently Defaulted
(in thousands)	Interest Rate Concession		Term Extension		Combination Interest Rate Reduction and Term Extension
Residential mortgage	$	41	$	—	$	341


	Amortized Cost of Loan Modifications that Subsequently Defaulted
(in thousands)	Interest Rate Concession		Term Extension		Combination Interest Rate Reduction and Term Extension


Home equity	$	—	$	—	$	48

The nature and extent of the impairment of modified loans, including those which have experienced a subsequent payment default, are considered in the determination of an appropriate level of the ACLL.

Allowance for Credit Losses on Loans

The ACLL is comprised of the allowance for loan losses and the allowance for unfunded commitments. The level of the ACLL represents management’s estimate of an amount appropriate to provide for expected lifetime credit losses in the loan portfolio at the balance sheet date. The expected lifetime credit losses are the product of multiplying the Corporation's estimates of probability of default, loss given default, and the individual loan level exposure at default on an undiscounted basis. A main factor in the determination of the ACLL is the economic forecast. The forecast the Corporation used for September 30, 2026 was the Moody's baseline scenario from August 2026, which was reviewed against the September 2026 baseline scenario with no material updates made, over a two-year reasonable and supportable period with straight-line reversion to the historical losses over the second year of the period. The allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). See Note 12 for additional information on the change in the allowance for unfunded commitments.

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The following table presents a summary of the changes in the ACLL by portfolio segment for the nine months ended September 30, 2026:


(in thousands)	Dec 31, 2025		Provision for loan losses recorded at acquisition		Allowance for PCD loans acquired		Allowance for PSL acquired		Charge offs		Recoveries		Net (Charge offs) Recoveries		Provision for Credit Losses		Sep 30, 2026		ACLL / Loans
Allowance for loan losses


Commercial and industrial	$	168,636	$	294	$	19,514	$	5,086	$	(40,833)	$	7,879	$	(32,954)	$	43,073	$	203,649
Commercial real estate — owner occupied	11,327		—		2,516		1,198		—		—		—		(967)		14,074
Commercial and business lending	179,963		294		22,030		6,284		(40,833)		7,879		(32,954)		42,106		217,723
Commercial real estate — investor	58,243		—		11,640		7,590		(2,710)		500		(2,210)		(16,650)		58,613
Real estate construction	46,595		—		3,459		3,298		—		7		7		5,135		58,494
Commercial real estate lending	104,838		—		15,099		10,888		(2,710)		507		(2,203)		(11,515)		117,107
Total commercial	284,801		294		37,129		17,172		(43,543)		8,386		(35,157)		30,591		334,830
Residential mortgage	33,644		—		790		1,028		(381)		241		(140)		(1,140)		34,182
Auto finance	27,470		—		1,346		7,241		(10,762)		3,783		(6,979)		9,082		38,160
Home equity	16,343		—		174		2,058		(404)		1,002		598		(710)		18,463
Other consumer	15,810		103		73		764		(6,137)		1,699		(4,438)		3,177		15,489
Total consumer	93,267		103		2,383		11,091		(17,684)		6,725		(10,959)		10,409		106,294
Total loans	$	378,068	$	397	$	39,512	$	28,263	$	(61,227)	$	15,111	$	(46,116)	$	41,000	$	441,124
Allowance for unfunded commitments


Commercial and industrial	$	18,698	$	—	$	1,300	$	689	$	—	$	—	$	—	$	(1,966)	$	18,721
Commercial real estate — owner occupied	132		—		18		21		—		—		—		(25)		146
Commercial and business lending	18,830		—		1,318		710		—		—		—		(1,991)		18,867
Commercial real estate — investor	499		—		102		28		—		—		—		28		657
Real estate construction	17,947		—		2,169		901		—		—		—		5,563		26,580
Commercial real estate lending	18,446		—		2,271		929		—		—		—		5,591		27,237
Total commercial	37,276		—		3,589		1,639		—		—		—		3,600		46,104


Home equity	2,406		—		8		207		—		—		—		(43)		2,578
Other consumer	1,594		—		—		25		—		—		—		(557)		1,062
Total consumer	4,000		—		8		232		—		—		—		(600)		3,640
Total loans	$	41,276	$	—	$	3,597	$	1,871	$	—	$	—	$	—	$	3,000	$	49,744
Allowance for credit losses on loans


Commercial and industrial	$	187,334	$	294	$	20,814	$	5,775	$	(40,833)	$	7,879	$	(32,954)	$	41,107	$	222,370	1.61	%
Commercial real estate — owner occupied	11,459		—		2,534		1,219		—		—		—		(992)		14,220		0.89	%
Commercial and business lending	198,793		294		23,348		6,994		(40,833)		7,879		(32,954)		40,115		236,590		1.54	%
Commercial real estate — investor	58,742		—		11,742		7,618		(2,710)		500		(2,210)		(16,622)		59,270		0.91	%
Real estate construction	64,542		—		5,628		4,199		—		7		7		10,698		85,074		3.27	%
Commercial real estate lending	123,284		—		17,370		11,817		(2,710)		507		(2,203)		(5,924)		144,344		1.59	%
Total commercial	322,077		294		40,718		18,811		(43,543)		8,386		(35,157)		34,191		380,934		1.55	%
Residential mortgage	33,644		—		790		1,028		(381)		241		(140)		(1,140)		34,182		0.51	%
Auto finance	27,470		—		1,346		7,241		(10,762)		3,783		(6,979)		9,082		38,160		0.93	%
Home equity	18,749		—		182		2,265		(404)		1,002		598		(753)		21,041		2.48	%
Other consumer	17,404		103		73		789		(6,137)		1,699		(4,438)		2,620		16,551		4.94	%
Total consumer	97,267		103		2,391		11,323		(17,684)		6,725		(10,959)		9,809		109,934		0.91	%
Total loans	$	419,344	$	397	$	43,109	$	30,134	$	(61,227)	$	15,111	$	(46,116)	$	44,000	$	490,868	1.34	%

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The following table presents a summary of the changes in the ACLL by portfolio segment for the year ended December 31, 2025:


(in thousands)	Dec 31, 2024		Charge offs		Recoveries		Net (Charge offs) Recoveries		Provision for Credit Losses		Dec 31, 2025		ACLL / Loans
Allowance for loan losses


Commercial and industrial	$	136,596	$	(14,615)	$	8,357	$	(6,258)	$	38,298	$	168,636
Commercial real estate — owner occupied	9,417		(113)		—		(113)		2,023		11,327
Commercial and business lending	146,013		(14,728)		8,357		(6,371)		40,321		179,963
Commercial real estate — investor	71,547		(21,206)		2,985		(18,221)		4,917		58,243
Real estate construction	51,499		—		154		154		(5,058)		46,595
Commercial real estate lending	123,046		(21,206)		3,139		(18,067)		(141)		104,838
Total commercial	269,060		(35,934)		11,496		(24,438)		40,180		284,801
Residential mortgage	32,576		(1,148)		615		(533)		1,601		33,644
Auto finance	28,467		(8,752)		3,029		(5,723)		4,726		27,470
Home equity	16,620		(416)		999		583		(860)		16,343
Other consumer	16,823		(8,703)		1,837		(6,866)		5,853		15,810
Total consumer	94,486		(19,019)		6,480		(12,539)		11,320		93,267
Total loans	$	363,545	$	(54,953)	$	17,976	$	(36,977)	$	51,500	$	378,068
Allowance for unfunded commitments


Commercial and industrial	$	14,456	$	—	$	—	$	—	$	4,242	$	18,698
Commercial real estate — owner occupied	151		—		—		—		(19)		132
Commercial and business lending	14,607		—		—		—		4,223		18,830
Commercial real estate — investor	578		—		—		—		(79)		499
Real estate construction	19,591		—		—		—		(1,644)		17,947
Commercial real estate lending	20,169		—		—		—		(1,723)		18,446
Total commercial	34,776		—		—		—		2,500		37,276


Home equity	2,465		—		—		—		(59)		2,406
Other consumer	1,535		—		—		—		59		1,594
Total consumer	4,000		—		—		—		—		4,000
Total loans	$	38,776	$	—	$	—	$	—	$	2,500	$	41,276
Allowance for credit losses on loans

Commercial and industrial	$	151,052	$	(14,615)	$	8,357	$	(6,258)	$	42,540	$	187,334	1.59	%
Commercial real estate — owner occupied	9,568		(113)		—		(113)		2,004		11,459		0.97	%
Commercial and business lending	160,620		(14,728)		8,357		(6,371)		44,544		198,793		1.53	%
Commercial real estate — investor	72,125		(21,206)		2,985		(18,221)		4,838		58,742		1.12	%
Real estate construction	71,090		—		154		154		(6,702)		64,542		3.24	%
Commercial real estate lending	143,215		(21,206)		3,139		(18,067)		(1,864)		123,284		1.70	%
Total commercial	303,835		(35,934)		11,496		(24,438)		42,680		322,077		1.59	%
Residential mortgage	32,576		(1,148)		615		(533)		1,601		33,644		0.50	%
Auto finance	28,467		(8,752)		3,029		(5,723)		4,726		27,470		0.88	%
Home equity	19,085		(416)		999		583		(919)		18,749		2.63	%
Other consumer	18,358		(8,703)		1,837		(6,866)		5,912		17,404		5.39	%
Total consumer	98,486		(19,019)		6,480		(12,539)		11,320		97,267		0.89	%
Total loans	$	402,322	$	(54,953)	$	17,976	$	(36,977)	$	54,000	$	419,344	1.35	%

Note 8 Goodwill and Other Intangible Assets

Goodwill

The Corporation conducted its most recent annual impairment testing in May 2026, utilizing a qualitative assessment. Based on this assessment, management concluded that it is more likely than not that the estimated fair value exceeded the carrying value (including goodwill) for each reporting unit. Therefore, a step one quantitative analysis was not required. There have been no events since the May 2026 impairment test that have changed the Corporation's impairment assessment conclusion. There were no impairment charges recorded in the first nine months of 2025 or 2026.

The Corporation added $42.1 million goodwill related to the American National acquisition in the second quarter of 2026. The Corporation had goodwill of $1.1 billion at both September 30, 2026 and December 31, 2025.

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Core Deposit Intangibles

The Corporation has CDIs which are amortized. CDI recorded as part of the American National acquisition is amortized over ten years using the sum of digits method while prior acquisitions are amortized under the straight line method. Changes in the gross carrying amount, accumulated amortization, and net book value for CDIs were as follows:


(in thousands)	Nine Months Ended Sep 30, 2026		Year Ended Dec 31, 2025
Core deposit intangibles
Gross carrying amount at the beginning of period	$	88,109	$	88,109
Additions during the period	103,200		—
Accumulated amortization	(81,250)		(65,260)
Net book value	$	110,059	$	22,849
Amortization during the period	$	15,990	$	8,811

Mortgage Servicing Rights

A summary of changes in the balance of the MSRs asset under the fair value measurement method is as follows:


(in thousands)	Nine Months Ended Sep 30, 2026			Year Ended Dec 31, 2025
Mortgage servicing rights
Mortgage servicing rights at beginning of period	$	86,337		$	87,683
Additions	9,391			8,716
Decay	(7,479)			(8,621)
Valuation:

Changes in fair value of asset	6,670			(1,441)


Mortgage servicing rights at end of period	$	94,919		$	86,337





Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)	$	6,164,126		$	6,191,012
Mortgage servicing rights to servicing portfolio	1.54		%	1.39		%

The projections of amortization expense for CDIs and decay for MSRs are based on existing asset balances, the current interest rate environment, and prepayment speeds as of September 30, 2026. The actual expense the Corporation recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements, and events or circumstances that indicate the carrying amount of an asset may not be recoverable. The following table shows the estimated future yearly amortization expense for CDIs and decay for MSRs:


(in thousands)	Core Deposit Intangibles		Mortgage Servicing Rights
Three Months Ended December 31, 2026	$	6,894	$	2,157
2027	26,167		11,051
2028	18,965		12,226
2029	15,285		11,773
2030	11,788		11,137
2031	9,851		10,368
Beyond 2031	21,109		36,207
Total estimated amortization expense and MSRs decay(a)	$	110,059	$	94,919

(a) Includes the decrease in value due to passage of time, including the impact from both regularly scheduled principal payments and partial loan paydowns.

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Note 9 Short and Long-Term Funding

The following table presents the components of short-term funding (funding with original contractual maturities of one year or less), and long-term funding (funding with original contractual maturities greater than one year):


(in thousands)	September 30, 2026		December 31, 2025
Short-term funding
Federal funds purchased	$	200,205	$	260,070
Securities sold under agreements to repurchase	66,124		47,794
Federal funds purchased and securities sold under agreements to repurchase	$	266,329	$	307,864



Long-term funding
Corporation senior notes, at par	$	300,000	$	300,000
Corporation subordinated notes(a)	295,768		301,760
Discount and capitalized costs	(6,600)		(7,484)

Total long-term funding	$	589,168	$	594,276
Total short and long-term funding, excluding FHLB advances	$	855,497	$	902,140
FHLB advances
Short-term FHLB advances	$	3,454,500	$	2,855,250
Long-term FHLB advances(a)	506,612		412,844
Total FHLB advances	$	3,961,112	$	3,268,094
Total short and long-term funding	$	4,816,609	$	4,170,234

(a) Includes fair value hedge. For additional information on the fair value hedges, see Note 10.

Securities Sold Under Agreements to Repurchase

The Corporation enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Corporation to repurchase the assets. The obligation to repurchase the securities is reflected as a liability on the Corporation’s consolidated balance sheets, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts (i.e., there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities).

The Corporation utilizes repurchase agreements to facilitate the needs of its customers. The fair value of securities pledged to secure repurchase agreements may decline. At September 30, 2026, the Corporation had pledged securities valued at 222% of the gross outstanding balance of repurchase agreements to manage this risk.

The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets is presented in the following table:


	Overnight and Continuous
(in thousands)	September 30, 2026		December 31, 2025
Repurchase agreements
Agency mortgage-related securities	$	66,124	$	47,794

Long-Term Funding

Senior Notes

In August 2024, the Corporation issued $300.0 million in aggregate principal amount of 6.455% Fixed Rate / Floating Rate Senior Notes due August 29, 2030. During the period from, and including, August 29, 2024, to, but excluding, August 29, 2029, the senior notes will have a fixed coupon interest rate of 6.455% per annum, payable semi-annually in arrears. During the period from, and including, August 29, 2029, to, but excluding, the maturity date, the senior notes will have a floating rate per annum equal to Compounded SOFR, as defined in the Global Note issued in connection with the senior notes, plus 3.030%, payable quarterly in arrears. Prior to August 29, 2029, the Corporation may, at its option, redeem the senior notes, in whole or in part, at any time and from time to time, by paying the redemption price, as defined in the Global Note issued in connection with the senior notes, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. On August 29, 2029, the Corporation may at its option, redeem the senior notes, in whole, but not in part, by paying the aggregate principal amount of the notes to be redeemed plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. At any time and from time to time on or after July 30, 2030 (30 days prior to the maturity date), the Corporation may, at its option,

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redeem the senior notes in whole or in part by paying the aggregate principal amount of the senior notes to be redeemed plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. The senior notes were issued at a discount.

Subordinated Notes

In February 2023, the Corporation issued $300.0 million of 10-year subordinated notes, due March 1, 2033 and redeemable in whole or in part at the Corporation's option (i) on the reset date of March 1, 2028 and any interest payment date thereafter, (ii) at any time on or after the three month period prior to the maturity date, and (iii) upon the occurrence of a Regulatory Capital Treatment Event, as defined in the Global Note issued in connection with the subordinated notes. The subordinated notes have a fixed coupon interest rate of 6.625% until the reset date, after which the rate will be equal to the Five-Year U.S. Treasury Rate as of the reset date plus 2.812% per annum. The notes were issued at a discount.

FHLB Advances

Under agreements with the FHLB of Chicago, FHLB advances are secured by pledging qualifying collateral of the subsidiary bank (such as residential mortgage loans, residential mortgage loans held for sale, home equity loans, CRE loans, and investment securities). The FHLB advances had maturity or call dates ranging from 2026 through 2031 at September 30, 2026.

Note 10 Derivative and Hedging Activities

The Corporation enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest and currency rates as well as other economic conditions.

At inception, the Corporation designates the derivative contract as either a fair value hedge (i.e., a hedge of the fair value of a recognized asset or liability), a cash flow hedge (i.e., a hedge of the variability of cash flows to be received or paid related to a recognized asset or liability), or a non-designated hedge. The hedge accounting methodologies applied for fair value, cash flow, and non-designated hedges are described in the Derivative and Hedging Activities note in the Corporation's 2025 Annual Report on Form 10-K.

The contract or notional amount of a derivative is used to determine, along with the other terms of the derivative, the amounts to be exchanged between the counterparties. The Corporation is exposed to credit risk in the event of nonperformance by counterparties to financial instruments. To mitigate the counterparty risk, contracts generally contain language outlining collateral pledging requirements for each counterparty. For non-centrally cleared derivatives, collateral must be posted when the market value exceeds certain mutually agreed upon threshold limits. Securities and cash are often pledged as collateral. The Corporation pledged $67.0 million and $79.4 million of investment securities as collateral at September 30, 2026, and December 31, 2025, respectively. Cash is often pledged or received as collateral for derivatives that are not centrally cleared. The Corporation's cash collateral pledged was $1.6 million at September 30, 2026 and $11.8 million at December 31, 2025. For fair value information and disclosures and for the Corporation's accounting policy for derivative and hedging activities, see the Fair Value Measurements and Summary of Significant Accounting Policies notes in the Corporation's 2025 Annual Report on Form 10-K.

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The following table presents the total notional amounts and gross fair values of the Corporation's derivatives, as well as the balance sheet netting adjustments:


	Sep 30, 2026								Dec 31, 2025
	Asset				Liability				Asset				Liability
(in thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Designated as hedging instruments:
Interest rate-related instruments(a)	$	775,000	$	308	$	2,250,000	$	21,136	$	2,425,000	$	10,517	$	25,000	$	1
Foreign currency exchange forwards	321,506		2,240		22,368		245		280,159		757		38,384		194
Total designated as hedging instruments	2,548				21,381				11,274				195
Not designated as hedging instruments:
Interest rate-related and other instruments	4,530,042		112,606		7,640,608		220,964		4,775,818		66,787		7,072,274		108,631
Foreign currency exchange forwards	41,744		451		36,366		226		48,904		1,731		43,787		1,517

Mortgage banking(b)	67,965		2,931		124,500		—		39,998		814		107,000		444
Total not designated as hedging instruments	115,988				221,190				69,332				110,592
Gross derivatives before netting			118,536				242,571				80,606				110,787
Less: Legally enforceable master netting agreements	926				926				12,839				12,839
Less: Cash collateral pledged/received	75,651				1,630				10,343				8,334
Total derivative instruments, after netting	$	41,959			$	240,015			$	57,424			$	89,614

(a) The notional amounts of the interest rate-related instruments designated as hedging instruments include forward starting interest rate swaps. As of September 30, 2026, this includes swaps with effective dates of November 1, 2026 to December 1, 2026 that had an asset notional of $25.0 million and a nominal fair value, and a liability notional amount and fair value of $550.0 million and $10.9 million, respectively. As of December 31, 2025, the Corporation did not have any forward starting interest rate-swaps.
(b) The mortgage derivative asset includes interest rate lock commitments, while the mortgage derivative liability includes forward commitments. Given the fair value position as of September 30, 2026, the fair value of the mortgage derivative asset included $0.1 million of interest rate lock commitments and $2.9 million of forward commitments. Given the fair value position as of December 31, 2025, the fair value of the mortgage derivative asset included $0.8 million of interest rate lock commitments and the derivative liability included $0.4 million of forward commitments.

The following table presents amounts that were recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges:


	Line Item in the Consolidated Balance Sheets in Which the Hedged Item is Included
	Carrying Amount of the Hedged Assets/(Liabilities)(a)		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)		Carrying Amount of the Hedged Assets/(Liabilities)(a)		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities)
(in thousands)	Sep 30, 2026				Dec 31, 2025
Other long-term funding	$	(295,768)	$	4,232	$	(301,760)	$	(1,760)
FHLB Advances	(195,006)		4,994		(198,722)		1,278
Total	$	(490,774)	$	9,226	$	(500,482)	$	(482)

(a) Excludes hedged items where only foreign currency risk is the designated hedged risk. At September 30, 2026 and December 31, 2025, the carrying amount excluded for foreign currency denominated loans was $343.9 million and $318.5 million, respectively.

The Corporation terminated its $500.0 million fair value hedge during the fourth quarter of 2019. At September 30, 2026, the amortized cost basis of the closed portfolios which had previously been used in the terminated hedging relationship was $147.4 million and is included in loans on the consolidated balance sheets. This amount includes $0.6 million of hedging adjustments on the discontinued hedging relationships, which are not presented in the table above.

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The tables below identify the effect of fair value and cash flow hedge accounting on the Corporation's consolidated statements of income:


	Location and Amount Recognized on the Consolidated Statements of Income in Fair Value and Cash Flow Hedging Relationships
	Three Months Ended Sep 30,								Nine Months Ended Sep 30,
	2026				2025				2026				2025
(in thousands)	Interest Income		Interest (Expense)		Interest Income		Interest (Expense)		Interest Income		Interest (Expense)		Interest Income		Interest (Expense)
Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value or cash flow hedges are recorded(a)	$	412	$	(476)	$	(1,474)	$	(1,324)	$	1,581	$	(1,253)	$	(4,087)	$	(5,485)
The effects of fair value and cash flow hedging: Impact on fair value hedging relationships in Subtopic 815-20
Interest contracts:
Hedged items	(24)		3,767		(33)		(696)		(198)		9,708		(92)		(11,793)
Derivatives designated as hedging instruments(a)	436		(4,243)		(1,440)		(628)		1,779		(10,961)		(3,995)		6,308

(a) Includes net settlements on the derivatives.


	Location and Amount Recognized on the Consolidated Statements of Income in Fair Value Hedging Relationships
	Three Months Ended Sep 30,				Nine Months Ended Sep 30,
	2026		2025		2026		2025
(in thousands)	Capital Markets, Net		Capital Markets, Net		Capital Markets, Net		Capital Markets, Net
Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value hedges are recorded	$	—	$	—	$	53	$	1
The effects of fair value hedging: Impact on fair value hedging relationships in Subtopic 815-20
Foreign currency contracts:
Hedged items	(4,002)		(8,352)		(22,088)		11,742
Derivatives designated as hedging instruments	4,002		8,352		22,141		(11,741)

The following table presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss):


	Three Months Ended Sep 30,				Nine Months Ended Sep 30,
(in thousands)	2026		2025		2026		2025
Interest rate-related instruments designated as cash flow hedging instruments
Amount of (loss) income recognized in OCI on cash flow hedge derivatives(a)	$	(15,247)	$	(825)	$	(29,665)	$	7,707


Amount of loss reclassified from accumulated other comprehensive income (loss) into interest income(a)	(436)		1,440		(1,779)		3,995

(a) The entirety of gains (losses) recognized in OCI as well as those reclassified from accumulated other comprehensive income (loss) into interest income were included components in the assessment of hedge effectiveness.

Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedge derivatives are reclassified to interest income as interest payments are made on the hedged variable interest rate assets. The Corporation estimates that $9.2 million will be reclassified as a decrease to interest income over the next 12 months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, or the addition of other hedges subsequent to September 30, 2026. The maximum length of time over which the Corporation is hedging its exposure to the variability in future cash flows is 38 months as of September 30, 2026.

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The table below identifies the effect of derivatives not designated as hedging instruments on the Corporation's consolidated statements of income:


	Consolidated Statements of Income Category of Gain / (Loss) Recognized in Income	Three Months Ended Sep 30,				Nine Months Ended Sep 30,
(in thousands)		2026		2025		2026		2025
Derivative instruments
Interest rate-related and other instruments — customer and mirror, net	Capital markets, net	$	80	$	(18)	$	49	$	(108)
Interest rate-related instruments — MSRs hedge	Mortgage banking, net	(8,157)		131		(8,376)		1,290
Foreign currency exchange forwards	Capital markets, net	215		315		857		(261)

Interest rate lock commitments (mortgage)	Mortgage banking, net	(1,380)		(792)		(763)		803
Forward commitments (mortgage)	Mortgage banking, net	3,276		913		3,323		(703)

Note 11 Balance Sheet Offsetting

Interest Rate-Related Instruments and Foreign Exchange Forwards (“Interest and Foreign Exchange Agreements”)

The Corporation is permitted to present derivative receivables and derivative payables with the same counterparty and the related cash collateral receivables and payables on a net basis on the consolidated balance sheets when a legally enforceable master netting agreement exists. The Corporation has elected to net such balances where it has determined that the specified conditions are met.

The Corporation uses master netting agreements to mitigate counterparty credit risk in these transactions, including derivative contracts. A master netting agreement is a single agreement with a counterparty that permits multiple transactions governed by that agreement to be terminated or accelerated and settled through a single payment in a single currency in the event of a default (e.g., bankruptcy, failure to make a required payment or securities transfer, or failure to deliver collateral or margin when due).

Typical master netting agreements for these types of transactions also contain a collateral/margin agreement that provides for a security interest in, or title transfer of, securities or cash collateral/margin to the party that has the right to demand margin (the "demanding party"). The collateral/margin agreement typically requires a party to transfer collateral/margin to the demanding party with a value equal to the amount of the margin deficit on a net basis across all transactions governed by the master netting agreement, less any threshold. The collateral/margin agreement grants to the demanding party, upon default by the counterparty, the right to offset any amounts payable by the counterparty against any posted collateral or the cash equivalent of any posted collateral/margin. It also grants to the demanding party the right to liquidate collateral/margin and to apply the proceeds to an amount payable by the counterparty.

For additional information on the Corporation’s derivative and hedging activities, see the Derivative and Hedging Activities note in the Corporation's 2025 Annual Report on Form 10-K.

The following tables present the interest rate and foreign exchange assets and liabilities subject to an enforceable master netting arrangement. The interest rate and foreign exchange agreements the Corporation has with its commercial customers are not subject to an enforceable master netting arrangement and are therefore excluded from these tables:


	Gross Amounts Recognized		Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets				Net Amounts Presented on the Consolidated Balance Sheets		Gross Amounts Not Offset on the Consolidated Balance Sheets
(in thousands)			Derivative Liabilities Offset		Cash Collateral Received				Security Collateral Received		Net Amount
Derivative assets
September 30, 2026	$	111,742	$	(926)	$	(75,651)	$	35,165	$	(16,214)	$	18,951
December 31, 2025	42,468		(12,839)		(10,343)		19,286		(18,131)		1,155


	Gross Amounts Recognized		Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets				Net Amounts Presented on the Consolidated Balance Sheets		Gross Amounts Not Offset on the Consolidated Balance Sheets
(in thousands)			Derivative Assets Offset		Cash Collateral Pledged				Security Collateral Pledged		Net Amount
Derivative liabilities
September 30, 2026	$	21,995	$	(926)	$	(1,630)	$	19,439	$	—	$	19,439
December 31, 2025	23,006		(12,839)		(8,334)		1,833		—		1,833

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Note 12 Commitments, Off-Balance Sheet Arrangements, and Legal Proceedings

The Corporation utilizes a variety of financial instruments in the normal course of business to meet the financial needs of its customers and to manage its own exposure to fluctuations in interest rates. These financial instruments include lending-related and other commitments (see below) as well as derivative instruments (see Note 10). The following is a summary of lending-related commitments:


(in thousands)	Sep 30, 2026		Dec 31, 2025
Commitments to extend credit(a), excluding commitments to originate residential mortgage loans held for sale(b)	$	13,640,398	$	11,872,816
Commercial letters of credit(a)	430		425
Standby letters of credit(c)	255,660		222,047

(a) These off-balance sheet financial instruments are exercisable at the market rate prevailing at the date the underlying transaction will be completed and, thus, are deemed to have no current fair value, or the fair value is based on fees currently charged to enter into similar agreements and was not material at September 30, 2026 or December 31, 2025.

(b) Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note 10.

(c) Standby letters of credit are presented excluding participations. The Corporation has established a liability of $2.4 million at September 30, 2026 and $2.2 million at December 31, 2025, as an estimate of the fair value of these financial instruments.

Lending-related Commitments

As a financial services provider, the Corporation routinely enters into commitments to extend credit. Such commitments are subject to the same credit policies and approval process accorded to loans made by the Corporation, with each customer’s creditworthiness evaluated on a case-by-case basis. The commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. The Corporation’s exposure to credit loss in the event of nonperformance by the other party to these financial instruments is represented by the contractual amount of those instruments. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation of the customer. Since a significant portion of commitments to extend credit are subject to specific restrictive loan covenants or may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. An allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded commitments (including unfunded loan commitments and letters of credit).

The following table presents a summary of the changes in the allowance for unfunded commitments:


(in thousands)	Nine Months Ended Sep 30, 2026		Year Ended Dec 31, 2025
Allowance for unfunded commitments
Balance at beginning of period	$	41,276	$	38,776
Initial allowance for PCD unfunded commitments	3,597		—
Initial allowance for purchased seasoned unfunded commitments	1,871		—
Provision for unfunded commitments	3,000		2,500
Balance at end of period	$	49,744	$	41,276

Lending-related commitments include commitments to extend credit, commitments to originate residential mortgage loans held for sale, commercial letters of credit, and standby letters of credit. Commitments to extend credit are legally binding agreements to lend to customers at predetermined interest rates, as long as there is no violation of any condition established in the contracts. Interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans are considered derivative instruments, and the fair value of these commitments is recorded in other assets and accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s derivative and hedging activity is further described in Note 10. Commercial and standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Commercial letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party, while standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party.

Other Commitments

The Corporation invests in qualified affordable housing projects, historic projects, new market projects, and opportunity zone funds for the purpose of community reinvestment and obtaining tax credits and other tax benefits. Return on the Corporation's investment in these projects and funds comes in the form of the tax credits and tax losses that pass through to the Corporation.

The aggregate carrying value of investments in qualified affordable housing and historic projects at September 30, 2026 was $167.0 million, compared to $174.3 million at December 31, 2025, included in tax credit and other investments on the consolidated balance sheets. The Corporation's remaining investments accounted for under the proportional amortization method totaled $165.9 million at September 30, 2026 and $172.2 million at December 31, 2025.

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Under the proportional amortization method, the Corporation amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits. The following table summarizes income tax credits, other income tax benefits, and investment amortization generated from the Corporation's investments in these projects, which are recognized as a component within income tax expense on the consolidated statements of income and included in the change in net income tax position and amortization of tax credit investments on the consolidated statements of cash flows:


	Three Months Ended Sep 30,				Nine Months Ended Sep 30,
(in thousands)	2026		2025		2026		2025
Income tax credits and other income tax benefits recognized	$	9,046	$	9,468	$	28,589	$	29,698
Amortization expense	8,476		9,249		25,623		26,307

The Corporation’s unfunded contributions relating to investments in qualified affordable housing and historic projects are recorded in accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s remaining unfunded contributions totaled $34.1 million at September 30, 2026 and $22.8 million at December 31, 2025.

The Corporation has principal investment commitments to provide capital-based financing to private companies through either direct investment in specific companies or through investment funds and partnerships. The timing of future cash requirements to fund such principal investment commitments is generally dependent on the investment cycle, whereby privately held companies are funded by private equity investors and ultimately sold, merged, or taken public through an initial public offering, which can vary based on overall market conditions, as well as the nature and type of industry in which the companies operate. The timing of future cash requirements to fund these pools is dependent upon loan demand, which can vary over time. The aggregate carrying value of these investments was $75.9 million at September 30, 2026 and $62.3 million at December 31, 2025, included in tax credit and other investments on the consolidated balance sheets.

Legal Proceedings

The Corporation is party to various pending and threatened claims and legal proceedings arising in the normal course of business activities, some of which involve claims for substantial amounts. Although there can be no assurance as to the ultimate outcomes, the Corporation believes it has meritorious defenses to the claims asserted against it in its currently outstanding matters and intends to continue to defend itself vigorously with respect to such legal proceedings. The Corporation will consider settlement of cases when, in management’s judgment, it is in the best interests of the Corporation and its shareholders.

Management believes that the legal proceedings currently pending against it should not have a material adverse effect on the Corporation’s consolidated financial condition. However, in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves the Corporation has currently accrued or that a matter will not have material reputational or other qualitative consequences. As a result, the outcome of a particular matter may be material to the Corporation’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of the Corporation’s income for that period.

Mortgage Repurchase Reserve

The Corporation sells residential mortgage loans to investors in the normal course of business. Residential mortgage loans sold to others are predominantly conventional residential first lien mortgages originated under the Corporation's usual underwriting procedures, and are most often sold on a nonrecourse basis, primarily to the GSEs. The Corporation’s agreements to sell residential mortgage loans in the normal course of business usually require certain representations and warranties on the underlying loans sold, related to credit information, loan documentation, collateral, and insurability. Subsequent to being sold, if a material underwriting deficiency or documentation defect is discovered, the Corporation may be obligated to repurchase the loan or reimburse the GSEs for losses incurred (collectively, “make whole requests”). The make whole requests and any related risk of loss under the representations and warranties are largely driven by borrower performance. The Corporation also sells qualifying residential mortgage loans guaranteed by U.S. government agencies into GNMA pools.

As a result of make whole requests, the Corporation has repurchased loans with aggregate principal balances of $4.3 million and $3.5 million for the nine months ended September 30, 2026 and the year ended December 31, 2025, respectively. There were no loss reimbursement and settlement claims paid in the nine months ended September 30, 2026 or for the year ended December 31, 2025. Make whole requests since January 1, 2025 generally arose from loans originated since January 1, 2022 with balances totaling $4.5 billion at the time of sale, consisting primarily of loans sold to GSEs. As of September 30, 2026, $2.1 billion of those loans originated since January 1, 2022 remain outstanding.

The balance in the mortgage repurchase reserve at the balance sheet date reflects the estimated amount of potential loss the Corporation could incur from repurchasing a loan, as well as loss reimbursements, indemnifications, and other settlement resolutions. The mortgage repurchase reserve, included in accrued expenses and other liabilities on the consolidated balance sheets, was $0.5 million at September 30, 2026 and $0.3 million at December 31, 2025.

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The Corporation may also sell residential mortgage loans with limited recourse (limited in that the recourse period ends prior to the loan’s maturity, usually after certain time and/or loan paydown criteria have been met), whereby repurchase could be required if the loan had defined delinquency issues during the limited recourse periods. At September 30, 2026 and December 31, 2025, there were $12.7 million and $11.4 million, respectively, of residential mortgage loans sold with such recourse risk. There have been limited instances and immaterial historical losses on repurchases for recourse under the limited recourse criteria.

The Corporation has a subordinate position to the FHLB in the credit risk on residential mortgage loans it sold to the FHLB Mortgage Partnership Finance Traditional program in exchange for a monthly credit enhancement fee. At September 30, 2026 and December 31, 2025, there were $419.0 million and $273.4 million, respectively, of such residential mortgage loans with credit risk recourse, upon which there have been immaterial historical losses to the Corporation.

Note 13 Fair Value Measurements

Fair value represents the estimated price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept).

The valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis are described in the Fair Value Measurements note in the Corporation’s 2025 Annual Report on Form 10-K, as well as Note 3 Business Combinations.

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The tables below present the Corporation’s financial instruments measured at fair value on a recurring basis and carrying amounts and estimated fair values of certain financial instruments, aggregated by the level in the fair value hierarchy within which those measurements fall:


	Sep 30, 2026
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and due from banks	$	644,519	$	644,519	$	644,519	$	—	$	—
Interest-bearing deposits in other financial institutions	982,850		982,850		982,850		—		—
Federal funds sold and securities purchased under agreements to resell	100		100		100		—		—
AFS investment securities:


Obligations of state and political subdivisions (municipal securities)	6,392		6,392		—		6,392		—
Residential mortgage-related securities:
FNMA / FHLMC	134,464		134,464		—		134,464		—
GNMA	5,352,106		5,352,106		—		5,352,106		—

Commercial mortgage-related securities:
FNMA / FHLMC	347,399		347,399		—		347,399		—
GNMA	102,863		102,863		—		102,863		—
Asset backed securities:
FFELP	86,048		86,048		—		86,048		—
SBA	164,502		164,502		—		164,502		—
Other debt securities(a)	5,054		5,054		—		2,991		2,063
Total AFS investment securities	6,198,828		6,198,828		—		6,196,765		2,063

HTM investment securities:
U.S. Treasury securities	997		993		993		—		—
Obligations of state and political subdivisions (municipal securities)	1,576,827		1,304,761		—		1,304,761		—
Residential mortgage-related securities:
FNMA / FHLMC	771,047		598,700		—		598,700		—
GNMA	36,181		31,634		—		31,634		—
Private-label	284,928		224,916		—		224,916		—
Commercial mortgage-related securities:
FNMA / FHLMC	752,924		609,904		—		609,904		—
GNMA	39,316		33,974		—		33,974		—
Total HTM investment securities	3,462,220		2,804,882		993		2,803,889		—

Equity securities:
Equity securities	15,043		15,043		15,043		—		—
Equity securities at NAV	15,000		15,000
Total equity securities	30,043		30,043

Regulatory stocks	304,330		304,330		—		304,330		—
Residential loans held for sale	66,770		66,770		—		66,770		—

Loans, net	36,005,495		34,759,951		—		—		34,759,951
Bank and corporate owned life insurance	717,175		717,175		—		717,175		—
Mortgage servicing rights, net	94,919		94,919		—		—		94,919
Interest rate-related instruments designated as hedging instruments(b)	308		308		—		308		—
Foreign currency exchange forwards designated as hedging instruments(b)	2,240		2,240		—		2,240		—
Interest rate-related and other instruments not designated as hedging instruments(b)	112,606		112,606		—		112,606		—
Foreign currency exchange forwards not designated as hedging instruments(b)	451		451		—		451		—
Interest rate lock commitments to originate residential mortgage loans held for sale	2,931		2,931		—		—		2,931

Total selected assets at fair value	$	48,625,785	$	46,722,903	$	1,643,505	$	10,204,534	$	34,859,864

(a) The quantifiable unobservable input for fair value measurement of the Level 3 classified security is externally developed.

(b) Figures are presented gross before netting. See Note 10 and Note 11 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

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	Sep 30, 2026
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Liabilities
Deposits:




Brokered CDs	$	3,790,075	$	3,773,476	$	—	$	3,773,476	$	—
Other time deposits	4,963,737		4,948,274		—		4,948,274		—


Federal funds purchased and securities sold under agreements to repurchase	266,329		266,329		266,329		—		—



FHLB advances	3,961,112		3,950,034		—		3,950,034		—
Senior and subordinated debt	589,168		566,385		—		566,385		—
Standby letters of credit(a)	2,365		2,365		—		2,365		—
Interest rate-related instruments designated as hedging instruments(b)	21,136		21,136		—		21,136		—
Foreign currency exchange forwards designated as hedging instruments(b)	245		245		—		245		—
Interest rate-related and other instruments not designated as hedging instruments(b)	220,964		220,964		—		220,964		—
Foreign currency exchange forwards not designated as hedging instruments(b)	226		226		—		226		—


Total selected liabilities at fair value	$	13,815,357	$	13,749,434	$	266,329	$	13,483,105	$	—

(a) The commitment on standby letters of credit was $255.7 million at September 30, 2026. See Note 12 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.
(b) Figures are presented gross before netting. See Note 10 and Note 11 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

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	Dec 31, 2025
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Assets
Cash and due from banks	$	574,698	$	574,698	$	574,698	$	—	$	—
Interest-bearing deposits in other financial institutions	1,144,123		1,144,123		1,144,123		—		—
Federal funds sold and securities purchased under agreements to resell	1,400		1,400		1,400		—		—
AFS investment securities:


Obligations of state and political subdivisions (municipal securities)	3,044		3,044		—		3,044		—
Residential mortgage-related securities:
FNMA / FHLMC	129,863		129,863		—		129,863		—
GNMA	5,039,829		5,039,829		—		5,039,829		—

Commercial mortgage-related securities:
FNMA / FHLMC	16,958		16,958		—		16,958		—
GNMA	109,556		109,556		—		109,556		—
Asset backed securities:
FFELP	95,046		95,046		—		95,046		—
SBA	269		269		—		269		—
Other debt securities	2,998		2,998		—		2,998		—
Total AFS investment securities	5,397,563		5,397,563		—		5,397,563		—

HTM investment securities:
U.S. Treasury securities	996		1,015		1,015		—		—
Obligations of state and political subdivisions (municipal securities)	1,628,088		1,507,302		—		1,507,302		—
Residential mortgage-related securities:
FNMA / FHLMC	823,630		696,462		—		696,462		—
GNMA	39,123		36,884		—		36,884		—
Private-label	302,817		258,827		—		258,827		—
Commercial mortgage-related securities:
FNMA / FHLMC	763,370		650,366		—		650,366		—
GNMA	44,552		40,138		—		40,138		—
Total HTM investment securities	3,602,576		3,190,994		1,015		3,189,979		—

Equity securities:
Equity securities	11,060		11,060		11,060		—		—
Equity securities at NAV	15,000		15,000
Total equity securities	26,060		26,060

Regulatory stocks	252,514		252,514		—		252,514		—
Residential loans held for sale	72,499		72,499		—		72,499		—

Loans, net	30,766,886		29,970,788		—		—		29,970,788
Bank and corporate owned life insurance	694,452		694,452		—		694,452		—
Mortgage servicing rights, net	86,337		86,337		—		—		86,337
Interest rate-related instruments designated as hedging instruments(a)	10,517		10,517		—		10,517		—
Foreign currency exchange forwards designated as hedging instruments(a)	757		757		—		757		—
Interest rate-related and other instruments not designated as hedging instruments(a)	66,787		66,787		—		66,787		—
Foreign currency exchange forwards not designated as hedging instruments(a)	1,731		1,731		—		1,731		—
Interest rate lock commitments to originate residential mortgage loans held for sale	814		814		—		—		814

Total selected assets at fair value	$	42,699,714	$	41,492,034	$	1,732,296	$	9,686,799	$	30,057,939

(a) Figures are presented gross before netting. See Note 10 and Note 11 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

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	Dec 31, 2025
(in thousands)	Carrying Amount		Fair Value		Level 1		Level 2		Level 3
Liabilities
Deposits:




Brokered CDs	$	3,795,133	$	3,791,245	$	—	$	3,791,245	$	—
Other time deposits	4,041,178		4,035,549		—		4,035,549		—
Federal funds purchased and securities sold under agreements to repurchase	307,864		307,864		307,864		—		—


FHLB advances	3,268,094		3,267,836		—		3,267,836		—
Senior and subordinated debt	594,276		598,141		—		598,141		—
Standby letters of credit(a)	2,225		2,225		—		2,225		—
Interest rate-related instruments designated as hedging instruments(b)	1		1		—		1		—
Foreign currency exchange forwards designated as hedging instruments(b)	194		194		—		194		—
Interest rate-related and other instruments not designated as hedging instruments(b)	108,631		108,631		—		108,631		—
Foreign currency exchange forwards not designated as hedging instruments(b)	1,517		1,517		—		1,517		—

Forward commitments to sell residential mortgage loans	444		444		—		—		444
Total selected liabilities at fair value	$	12,119,557	$	12,113,647	$	307,864	$	11,805,339	$	444

(a) The commitment on standby letters of credit was $222.0 million at December 31, 2025. See Note 12 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.

The table below presents a rollforward of the consolidated balance sheets amounts for the Corporation's mortgage derivatives measured at fair value on a recurring basis and classified within Level 3 of the fair value hierarchy:


(in thousands)	Interest rate lock commitments to originate residential mortgage loans held for sale		Forward commitments to sell residential mortgage loans
Balance December 31, 2024	$	327	$	(254)
New production	13,435		(3,998)
Closed loans / settlements	(13,690)		2,738
Other	742		1,958
Change in mortgage derivative	487		698

Balance December 31, 2025	814		444
New production	11,173		(158)
Closed loans / settlements	(8,815)		4,843
Other	(241)		(5,129)
Change in mortgage derivative	2,117		(444)

Balance September 30, 2026	$	2,931	$	—

Refer to Note 8 for a rollforward of the consolidated balance sheets amounts for the Corporation's mortgage servicing rights measured at fair value on a recurring basis and classified within Level 3 of the fair value hierarchy.

The following table presents a rollforward of the fair value of Level 3 equity securities that are measured under the measurement alternative, and the related adjustments recorded during the periods presented for those securities with observable price changes:


(in thousands)
Fair value as of December 31, 2024	$	72


Purchases	14
Sales	(23)
Transfers out of level 3	(63)

Fair value as of December 31, 2025	$	—

The Corporation did not have any activity for Level 3 equity securities for the nine months ended September 30, 2026.

The Corporation acquired a Level 3 AFS debt security upon the acquisition of American National on April 1, 2026. The security was valued at $2.1 million and no related adjustments to fair value have been recorded as of September 30, 2026.

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The table below presents the Corporation’s assets measured at fair value on a nonrecurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall:

Fair Value

(in thousands)

Fair Value Hierarchy

September 30, 2026

December 31, 2025

Assets

Individually evaluated loans

Level 3

69,679

18,659

OREO(a)

Level 2

1,442

770

(a) These assets are held at lower of its carrying amount or fair value less cost to sell. Assets included here are those that were adjusted to fair value less cost to sell during the period.

The table below presents the unobservable inputs that are readily quantifiable pertaining to Level 3 measurements:


September 30, 2026	Valuation Technique	Significant Unobservable Input	Range of Inputs			Weighted Average Input Applied
Mortgage servicing rights	Discounted cash flow	Option adjusted spread	5%	-	8%	5%
Mortgage servicing rights	Discounted cash flow	Constant prepayment rate	2%	-	100%	8%

Individually evaluated loans	Discounted cash flow	Discount factor	30%	-	45%	32%
Individually evaluated loans	Market approach	Appraisal / Cost to sell	41%	-	80%	49%
Interest rate lock commitments to originate residential mortgage loans held for sale	Discounted cash flow	Closing ratio	58%	-	100%	92%

Note 14 Retirement Plans

The Corporation has a noncontributory defined benefit RAP, covering employees who meet participation requirements. The benefit allocations are based primarily on years of service and the employee’s compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. As part of acquisition-related integration activities, employees who become eligible for participation in the RAP are generally provided service credit for their employment with the acquired institution for eligibility and vesting purposes.

The Corporation also provides legacy healthcare access to a limited group of retired employees from a previous acquisition in the Postretirement Plan. There are no other active retiree healthcare plans.

The components of net periodic pension benefit and net periodic cost for the RAP and Postretirement Plan were as follows:


	Three Months Ended Sep 30,				Nine Months Ended Sep 30,
(in thousands)	2026		2025		2026		2025
RAP
Service cost	$	869	$	636	$	2,606	$	2,255
Interest cost	2,749		3,027		8,248		8,655
Expected return on plan assets	(9,772)		(9,832)		(29,316)		(29,450)
Amortization of prior service credit	(44)		(44)		(133)		(133)

Total net periodic pension benefit	$	(6,198)	$	(6,213)	$	(18,595)	$	(18,673)







Postretirement Plan
Interest cost	$	22	$	26	$	65	$	78
Amortization of prior service credit	(19)		(19)		(56)		(56)
Amortization of actuarial loss	—		4		—		12
Total net periodic cost	$	3	$	11	$	9	$	34

The components of net periodic pension benefit and net periodic cost, other than the service cost component, are included in the other noninterest expense caption of the consolidated statements of income. The service cost component is included in the personnel noninterest expense caption of the consolidated statements of income.

The Corporation’s funding policy is to pay at least the minimum amount required by federal law and regulations, with consideration given to the maximum funding amounts allowed. The Corporation regularly reviews the funding of its RAP. There were no contributions during 2025 or the nine months ended September 30, 2026.

Note 15 Segment Reporting

The Corporation is managed through operating segments based on our internal structure and management process, which is how we assess performance and allocate resources to the segments. Certain operating segments have been aggregated into our three reportable segments where the nature of the products and services, the type of customer, and the distribution of those products and services are similar. The three reportable segments are Corporate and Commercial Specialty; Community, Consumer, and

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Business; and Risk Management and Shared Services. A description of the products and services and the related customers for each reportable segment can be found in the Segment Reporting note in the Corporation’s 2025 Annual Report on Form 10-K.

Effective beginning the first quarter of 2026, the Corporation made adjustments to both its FTP and expense allocation of shared services to its reportable segments to better align with how management assesses performance and allocates resources. These changes consisted of updates to the FTP methodology, including revisions to the funding curve and deposit assumptions; reassignment of certain branch locations based on the primary business activities supported by those branches; and revisions to the allocation of shared service expenses. The Corporation has recast prior period segment information to conform to the current period presentation.

The financial information of the Corporation’s segments disclosed below has been compiled utilizing the accounting policies described in the Corporation’s 2025 Annual Report on Form 10-K with certain exceptions based on internal management accounting policies. The significant exceptions are as follows:

The Corporation allocates certain net interest income, the provision for credit losses, certain noninterest expenses, and income taxes to each operating segment. Allocation methodologies are subject to periodic adjustment as the internal management accounting system is revised, the interest rate environment evolves, and business or product lines within the segments change. Also, because the development and application of these methodologies is a dynamic process, the financial results presented may be periodically reviewed.

The Corporation allocates certain net interest income using an internal FTP methodology that charges users of funds (assets, primarily loans) and credits providers of funds (liabilities, primarily deposits) based on the funding curve, maturity, prepayment, and other characteristics of the assets and liabilities. This allocation is reflected as net intersegment interest income (expense) in the accompanying tables.

The provision for credit losses is allocated to segments based on the expected long-term annual net charge off rates attributable to the credit risk of loans managed by the segment during the period. In contrast, the level of the consolidated provision for credit losses is determined based on an ACLL model using methodologies described in the Corporation’s 2025 Annual Report on Form 10-K.

The net effect of the above allocations is recorded within the Risk Management and Shared Services segment to ensure consolidated totals reflect the Corporation's consolidated financial information.

Indirect expenses incurred by the Corporation's centralized support functions - including facilities, information technology, finance, and corporate risk management - are allocated to reportable segments based on actual usage, such as transaction volumes or FTEs, as well as other relevant drivers that reflect consumption of those services. Because these allocations are based on estimated activity levels, individual period results may reflect variability in the distribution of indirect expenses among segments. Certain corporate-level expenses, including acquisition-related costs, integration expenses, and gains or losses on the disposition of branches or business units, are not allocated and remain in the Risk Management and Shared Services segment. These allocations are reflected as allocated indirect expense in the accompanying tables.

Income tax expense (benefit) is allocated to segments based on the Corporation’s estimated effective tax rate, with certain segments adjusted for any tax-exempt income or non-deductible expenses.

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Financial information about the Corporation’s segments is presented below:


	Three Months Ended September 30, 2026
(in thousands)	Corporate and Commercial Specialty		Community, Consumer and Business		Risk Management and Shared Services		Consolidated Corporation
Net segment interest income	$	272,556	$	86,379	$	18,316	$	377,251
Net intersegment interest (expense) income	(111,503)		158,683		(47,180)		—
Net interest income (expense)	161,053		245,062		(28,864)		377,251
Noninterest income	22,174		56,318		8,639		87,131
Total income (expense) before provision	183,227		301,380		(20,225)		464,382
Provision for credit losses	19,776		6,695		(12,466)		14,005
Total income (expense) after provision	163,451		294,685		(7,759)		450,377
Noninterest expense
Personnel	25,535		70,103		58,076		153,714
Technology(a)	1,293		14,853		26,579		42,725
Occupancy(a)	248		8,869		6,435		15,552
Business development and advertising	943		855		7,679		9,477
Equipment(a)	6		2,374		3,100		5,480
Legal and professional	358		1,320		7,375		9,053
Loan and foreclosure costs	156		1,866		17		2,039
FDIC assessment	—		—		11,802		11,802
Other intangible amortization	—		—		6,894		6,894

Other noninterest expense (income)	914		8,305		(5,613)		3,606
Allocated indirect expense (income)	28,421		67,629		(96,050)		—
Total noninterest expense	57,874		176,174		26,294		260,342
Net income (loss) before income taxes	105,577		118,511		(34,053)		190,035
Income tax expense (benefit)	19,461		24,887		(899)		43,449
Net income (loss)	$	86,116	$	93,624	$	(33,154)	$	146,586

Loans	$	21,954,404	$	14,173,208	$	392,259	$	36,519,871
Allocated goodwill	556,343		590,738		—		1,147,081
Total assets	22,743,700		15,345,776		13,310,376		51,399,852

(a) A portion of total depreciation expense of $0.2 million, $6.1 million, and $5.8 million for the Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services segments, respectively, is included in this expense caption.

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	Three Months Ended September 30, 2025
(in thousands)	Corporate and Commercial Specialty		Community, Consumer and Business		Risk Management and Shared Services		Consolidated Corporation
Net segment interest income (expense)	$	246,829	$	68,027	$	(9,634)	$	305,222
Net intersegment interest (expense) income	(107,596)		146,139		(38,543)		—
Net interest income (expense)	139,233		214,166		(48,177)		305,222
Noninterest income	17,882		53,670		9,713		81,265
Total income (expense) before provision	157,115		267,836		(38,464)		386,487
Provision for credit losses	20,424		6,437		(10,861)		16,000
Total income (expense) after provision	136,691		261,399		(27,603)		370,487
Noninterest expense
Personnel	21,287		62,334		52,082		135,703
Technology(a)	903		13,179		14,508		28,590
Occupancy(a)	163		7,430		5,164		12,757
Business development and advertising	787		778		6,797		8,362
Equipment(a)	6		2,186		2,176		4,368
Legal and professional	337		585		4,310		5,232
Loan and foreclosure costs	111		979		548		1,638
FDIC assessment	—		—		9,980		9,980
Other intangible amortization	—		—		2,203		2,203

Other noninterest expense (income)	882		7,702		(1,215)		7,369
Allocated indirect expense (income)	32,556		63,997		(96,553)		—
Total noninterest expense	57,032		159,170		—		216,202
Net income (loss) before income taxes	79,659		102,229		(27,603)		154,286
Income tax expense (benefit)	15,055		21,468		(6,969)		29,554
Net income (loss)	$	64,604	$	80,761	$	(20,634)	$	124,732

Loans	$	18,033,065	$	12,481,836	$	437,063	$	30,951,964
Allocated goodwill	525,836		579,156		—		1,104,992
Total assets	18,304,871		12,974,383		13,176,609		44,455,863

(a) A portion of total depreciation expense of $0.1 million, $5.9 million, and $6.1 million for the Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services segments, respectively, is included in this expense caption.

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	Nine Months Ended Sep 30, 2026
(in thousands)	Corporate and Commercial Specialty		Community, Consumer and Business		Risk Management and Shared Services		Consolidated Corporation
Net segment interest income	$	770,984	$	241,297	$	42,198	$	1,054,479
Net intersegment interest (expense) income	(325,347)		432,201		(106,854)		—
Net interest income (expense)	445,637		673,498		(64,656)		1,054,479
Noninterest income	51,714		168,698		22,975		243,387
Total income (expense) before provision	497,351		842,196		(41,681)		1,297,866
Provision for credit losses	61,723		20,086		(37,415)		44,394
Total income (expense) after provision	435,628		822,110		(4,266)		1,253,472
Noninterest expense
Personnel	73,680		200,513		175,861		450,054
Technology(a)	3,409		42,830		59,089		105,328
Occupancy(a)	721		25,491		17,157		43,369
Business development and advertising	3,040		2,381		20,430		25,851
Equipment(a)	18		6,762		9,734		16,514
Legal and professional	887		3,484		28,857		33,228
Loan and foreclosure costs	876		4,095		327		5,298
FDIC assessment	—		—		31,234		31,234
Other intangible amortization	—		—		15,990		15,990

Other noninterest expense (income)	2,722		26,363		(4,565)		24,520
Allocated indirect expense (income)	80,651		194,739		(275,390)		—
Total noninterest expense	166,004		506,658		78,724		751,386
Net income (loss) before income taxes	269,624		315,452		(82,990)		502,086
Income tax expense (benefit)	49,134		66,346		(3,179)		112,301
Net income (loss)	$	220,490	$	249,106	$	(79,811)	$	389,785

(a) A portion of total depreciation expense of $0.5 million, $18.6 million, and $17.7 million for the Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services segments, respectively, is included in this expense caption.

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	Nine Months Ended Sep 30, 2025
(in thousands)	Corporate and Commercial Specialty		Community, Consumer and Business		Risk Management and Shared Services(a)		Consolidated Corporation
Net segment interest income (expense)	$	717,093	$	199,393	$	(25,323)	$	891,163
Net intersegment interest (expense) income	(311,153)		434,995		(123,842)		—
Net interest income (expense)	405,940		634,388		(149,165)		891,163
Noninterest income	42,770		154,230		10,019		207,019
Total income (expense) before provision	448,710		788,618		(139,146)		1,098,182
Provision for credit losses	59,806		18,871		(31,678)		46,999
Total income (expense) after provision	388,904		769,747		(107,468)		1,051,183
Noninterest expense
Personnel	62,763		178,847		144,983		386,593
Technology(b)	2,336		39,126		40,775		82,237
Occupancy(b)	499		23,249		17,034		40,782
Business development and advertising	2,973		2,583		16,940		22,496
Equipment(b)	18		6,517		6,854		13,389
Legal and professional	759		1,928		15,302		17,989
Loan and foreclosure costs	1,182		3,495		2,260		6,937
FDIC assessment	—		—		30,124		30,124
Other intangible amortization	—		—		6,608		6,608

Other noninterest expense	2,596		23,129		3,292		29,017
Allocated indirect expense (income)	96,061		188,111		(284,172)		—
Total noninterest expense	169,187		466,985		—		636,173
Net income (loss) before income taxes	219,717		302,762		(107,468)		415,010
Income tax expense (benefit)	41,053		63,580		(27,271)		77,362
Net income (loss)	$	178,662	$	239,182	$	(80,196)	$	337,648

(a) An unusual item of a $7.0 million loss on mortgage portfolio sale as a result of the settlement of the mortgage sale announced in the fourth quarter of 2024 is included within the

noninterest income caption.

(b) A portion of total depreciation expense of $0.2 million, $17.8 million, and $20.0 million for the Corporate and Commercial Specialty, Community Consumer and Business, and Risk Management and Shared Services segments, respectively, is included in this expense caption.

Expenses included within the other noninterest expense line of the segment information above relate to the remaining segment expenses including office expense and card issuance costs. None of the individual expense categories rise to the level of significance for the segment; however, they are utilized in determining the profit or loss measure for each segment.

The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to U.S. GAAP. As a result, reportable segments and the financial information of the reported segments are not necessarily comparable with similar information reported by other financial institutions. Furthermore, the information presented is not indicative of how the segments would perform if they operated as independent entities.

The chief operating decision maker for each of the segments is the President and Chief Executive Officer of the Corporation. For the Corporate and Commercial Specialty and Community, Consumer and Business segments, the chief operating decision maker utilizes net interest income, net income and average total loans and deposits in allocating resources for each segment predominantly in the annual budget and forecasting process. The chief operating decision maker considers budget-to-actual variances on a monthly basis for both profit measures when making decisions about allocating capital and personnel to the segments. Based on the reviews of these two segments and other company-wide initiatives, the chief operating decision maker is informed about allocation of resources to the Risk Management and Shared Services segment.

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Note 16 Accumulated Other Comprehensive Income (Loss)

The following table summarizes the components of accumulated other comprehensive income (loss) at September 30, 2026 and 2025, including changes during the preceding nine and three month periods as well as any reclassifications out of accumulated other comprehensive income (loss):


(in thousands)	Investment Securities		Cash Flow Hedge Derivatives		Defined Benefit Pension and Postretirement Obligations		Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2025	$	(2,456)	$	12,894	$	(18,003)	$	(7,566)
Other comprehensive loss before reclassifications	(272,763)		—		—		(272,763)

Amounts reclassified from accumulated other comprehensive (loss) income:

Amortization of net unrealized losses on AFS securities transferred to HTM securities	5,503		—		—		5,503
Other assets / accrued expenses and other liabilities	—		(29,665)		—		(29,665)
Interest expense	—		(1,779)		—		(1,779)
Personnel expense	—		—		(189)		(189)

Income tax benefit (expense)	66,660		(7,565)		47		59,143
Net other comprehensive loss during period	(200,600)		(39,009)		(142)		(239,750)
Balance September 30, 2026	$	(203,056)	$	(26,115)	$	(18,145)	$	(247,316)

Balance December 31, 2024	$	(48,993)	$	(1,268)	$	(24,154)	$	(74,416)
Other comprehensive income before reclassifications	47,970		—		4,770		52,741

Amounts reclassified from accumulated other comprehensive income (loss):

Amortization of net unrealized losses on AFS securities transferred to HTM securities	5,978		—		—		5,978
Other assets / accrued expenses and other liabilities	—		7,707		—		7,707
Interest income	—		3,995		—		3,995
Personnel expense	—		—		(189)		(189)
Other expense	—		—		(12)		(12)
Income tax (expense) benefit	(13,456)		2,816		(1,140)		(11,780)
Net other comprehensive income during period	40,492		14,518		3,429		58,439
Balance September 30, 2025	$	(8,501)	$	13,249	$	(20,725)	$	(15,977)

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(in thousands)	Investment Securities		Cash Flow Hedge Derivatives		Defined Benefit Pension and Postretirement Obligations		Accumulated Other Comprehensive (Loss) Income
Balance June 30, 2026	$	(54,836)	$	(6,659)	$	(18,098)	$	(79,593)
Other comprehensive loss before reclassifications	(199,386)		—		—		(199,386)

Amounts reclassified from accumulated other comprehensive (loss) income:

Amortization of net unrealized losses on AFS securities transferred to HTM securities	1,912		—		—		1,912
Other assets / accrued expenses and other liabilities	—		(15,247)		—		(15,247)
Interest income	—		(436)		—		(436)
Personnel expense	—		—		(63)		(63)

Income tax benefit (expense)	49,254		(3,773)		16		45,497
Net other comprehensive loss during period	(148,220)		(19,456)		(47)		(167,723)
Balance September 30, 2026	$	(203,056)	$	(26,115)	$	(18,145)	$	(247,316)

Balance June 30, 2025	$	(6,109)	$	12,487	$	(20,674)	$	(14,297)
Other comprehensive loss before reclassifications	(5,178)		—		—		(5,178)

Amounts reclassified from accumulated other comprehensive income (loss):

Amortization of net unrealized losses on AFS securities transferred to HTM securities	1,992		—		—		1,992
Other assets / accrued expenses and other liabilities	—		(825)		—		(825)
Interest income	—		1,440		—		1,440
Personnel expense	—		—		(63)		(63)
Other expense	—		—		(4)		(4)
Income tax benefit	795		148		17		960
Net other comprehensive (loss) income during period	(2,392)		763		(51)		(1,680)
Balance September 30, 2025	$	(8,501)	$	13,249	$	(20,725)	$	(15,977)

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ITEM 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations

Special Note Regarding Forward-Looking Statements

This report contains statements that may constitute forward-looking statements within the meaning of the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, such as statements other than historical facts contained or incorporated by reference into this report. These forward-looking statements include statements with respect to the Corporation’s financial condition, results of operations, plans, objectives, future performance and business, including statements preceded by, followed by or that include the words “believes,” “expects,” or “anticipates,” references to estimates or similar expressions. Future filings by the Corporation with the SEC, and future statements other than historical facts contained in written material, press releases and oral statements issued by, or on behalf of the Corporation may also constitute forward-looking statements.

All forward-looking statements contained in this report or which may be contained in future statements made for or on behalf of the Corporation are based upon information available at the time the statement is made and the Corporation assumes no obligation to update any forward-looking statements, except as required by federal securities law. Forward-looking statements are subject to significant risks and uncertainties, and the Corporation’s actual results may differ materially from the expected results discussed in such forward-looking statements. Factors that might cause actual results to differ from the results discussed in forward-looking statements include, but are not limited to, the risk factors in Item 1A, Risk Factors, in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2025, and as may be described from time to time in the Corporation’s subsequent SEC filings.

Overview

The following discussion and analysis is presented to assist in the understanding and evaluation of the Corporation’s financial condition and results of operations. It is intended to complement the unaudited consolidated financial statements, footnotes, and supplemental financial data appearing elsewhere in this Quarterly Report on Form 10-Q and should be read in conjunction therewith. Management continually evaluates strategic acquisition opportunities and various other strategic alternatives that could involve the sale or acquisition of branches or other assets, or the consolidation or creation of subsidiaries. Within the tables presented, certain columns and rows may not recalculate due to the use of rounded numbers for disclosure purposes.

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Performance Summary

•Average loans of $34.5 billion increased $4.0 billion, or 13%, from the first nine months of 2025, driven primarily by the American National acquisition and the organic growth in commercial and business lending portfolio.

•Average deposits of $38.9 billion increased $4.3 billion, or 12%, from the first nine months of 2025, primarily due to the American National acquisition.

•Net interest income of $1.1 billion increased $163.3 million, or 18%, from the first nine months of 2025, and net interest margin was 3.14%, compared to 3.02% for the first nine months of 2025. These increases were driven by the acquisition of American National in the second quarter of 2026. Additionally, the increase in interest income reflected the continued shift in earning asset mix from lower-yielding residential mortgage loans to higher-yielding commercial and business lending. The decrease in interest expense was driven by lower market interest rates and a favorable shift in deposit mix away from higher-cost money market and brokered CD deposits toward lower-cost funding sources, including savings and other time deposits, and noninterest-bearing demand deposits. Net interest margin benefited from these factors, as reductions in funding costs more than offset the decline in earning asset yields resulting from the repricing of variable-rate assets in the lower interest rate environment.

•Provision for credit losses was $44.4 million compared to $47.0 million for the first nine months of 2025, driven by nominal credit movement coupled with general macroeconomic trends. In addition, expected credit losses associated with acquired seasoned loans were largely recognized through purchase accounting following the adoption of ASU 2025-08, reducing the need for incremental provision expense associated with the acquired balances.

•Noninterest income of $243.4 million increased $36.4 million, or 18%, from the first nine months of 2025. The increase was primarily driven by higher service charges and deposit account fees and card-based fees, reflecting, in part, the American National acquisition, higher wealth management fees resulting from increased trust and investment advisory revenue, increased capital markets revenue driven by elevated syndication fees and foreign exchange swap revenue, higher other asset gains due to valuation changes in deferred compensation plan assets whose impact is fully offset in personnel expense, and the absence of the nonrecurring loss on mortgage portfolio sale recognized in the first quarter of 2025 in connection with the completion of balance sheet repositioning announced in the fourth quarter of 2024.

•Noninterest expense of $751.4 million increased $115.2 million, or 18%, from the first nine months of 2025. The increase was primarily attributable to the American National acquisition, including recurring expenses such as personnel costs associated with new colleagues and amortization of CDI. The acquisition also resulted in nonrecurring expenses, including severance and retention bonuses impacting personnel expense, contract termination costs increasing technology expense, and transaction and integration-related legal and professional fees. In addition, technology expense increased due to higher subscription costs, increased equipment expense resulting from elevated small equipment purchases, and increased legal and professional expense due to information technology augmentation costs. These increases were offset by a gain on sale of an OREO property in the third quarter of 2026.

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Table 1 Summary Results of Operations: Trends


	YTD						Quarter ended
(Dollars in thousands, except per share data)	Sep 30, 2026			Sep 30, 2025			Sep 30, 2026			Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025
Net income	$	389,785		$	337,648		$	146,586		$	123,564		$	119,635		$	137,129		$	124,732
Net income available to common equity	381,160			329,023			143,711			120,689			116,760			134,254			121,857
Earnings per common share - basic	2.11			1.98			0.77			0.64			0.70			0.81			0.73
Earnings per common share - diluted	2.09			1.96			0.76			0.63			0.70			0.80			0.73
Dividend payout ratio(a)	34.12		%	34.85		%	31.17		%	37.50		%	34.29		%	29.63%			31.51		%

Book value / share(b)							28.44			28.85			29.04			28.81			28.17
Tangible book value (TBV) / share(b)(c)							21.67			22.15			22.23			22.01			21.36
Performance ratios
Return on average assets(d)	1.06		%	1.04		%	1.13		%	0.97		%	1.08		%	1.23		%	1.12		%
Return on average tangible assets(c)(d)	1.12		%	1.08		%	1.20		%	1.03		%	1.12		%	1.27		%	1.17		%
Return on average equity(d)	9.59		%	9.55		%	10.28		%	8.81		%	9.69		%	11.09		%	10.26		%
Return on average tangible common equity (ROATCE)(c)(d)	13.08		%	13.13		%	14.05		%	12.12		%	13.03		%	15.04		%	14.02		%

Efficiency ratios (expense / revenue)
Fully tax-equivalent efficiency ratio	56.13		%	56.67		%	54.10		%	58.30		%	56.03		%	55.21		%	54.77		%
Adjusted efficiency ratio(c)	53.17		%	56.32		%	51.27		%	52.91		%	55.77		%	55.15		%	54.77		%

(a) Ratio is based upon basic earnings per common share.

(b) Based on period end common shares outstanding.

(c) This is a non-GAAP financial measure. See Table 19 Non-GAAP Measures for a reconciliation to GAAP financial measures.

(d) This ratio is annualized.

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Income Statement Analysis

Net Interest Income

Table 2 Net Interest Income Analysis


	Nine Months Ended Sep 30,
	2026					2025(a)
(Dollars in thousands)	Average Balance		Interest Income / Expense		Average Yield / Rate	Average Balance		Interest Income / Expense		Average Yield / Rate
Assets
Earning assets
Loans(b)(c)
Commercial and industrial	$	12,800,123	$	573,125	5.99%	$	10,980,230	$	536,786	6.54%
Commercial real estate—owner occupied	1,447,492		60,238		5.56%	1,120,206		48,042		5.73%
Commercial and business lending	14,247,615		633,363		5.94%	12,100,436		584,828		6.46%
Commercial real estate—investor	6,085,950		275,310		6.05%	5,432,417		265,772		6.54%
Real estate construction	2,360,444		118,800		6.73%	1,920,292		104,598		7.28%
Commercial real estate lending	8,446,394		394,110		6.24%	7,352,709		370,370		6.73%
Total commercial	22,694,009		1,027,473		6.05%	19,453,145		955,197		6.56%
Residential mortgage	6,866,076		196,514		3.82%	7,091,945		197,371		3.71%
Auto finance	3,754,434		160,677		5.72%	2,926,862		122,562		5.60%
Home equity	788,518		38,179		6.46%	671,884		36,791		7.30%
Other consumer	364,560		28,557		10.47%	309,654		26,389		11.39%
Total consumer	11,773,588		423,927		4.81%	11,000,345		383,113		4.65%
Total loans	34,467,597		1,451,400		5.63%	30,453,490		1,338,311		5.87%
Investments
Taxable securities	7,732,748		251,574		4.34%	6,582,998		214,689		4.35%
Tax-exempt securities(b)	1,963,684		51,864		3.52%	2,006,027		52,844		3.51%
Other short-term investments	1,238,168		42,444		4.58%	935,475		35,274		5.04%
Total investments	10,934,600		345,882		4.22%	9,524,500		302,806		4.24%
Total earning assets and related interest income	45,402,197		$	1,797,282	5.29%	39,977,990		$	1,641,117	5.48%
Other assets, net	3,906,735					3,382,379
Total assets	$	49,308,932				$	43,360,369
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	5,924,846	$	58,712	1.32%	$	5,241,799	$	54,110	1.38%
Interest-bearing demand	8,551,442		111,999		1.75%	7,870,806		132,678		2.25%
Money market	7,113,072		126,973		2.39%	5,975,632		116,316		2.60%
Network transaction deposits	1,888,746		52,687		3.73%	1,875,523		61,554		4.39%
Brokered CDs	3,834,723		114,325		3.99%	4,105,700		137,589		4.48%
Other time deposits	4,728,922		122,943		3.48%	3,815,105		106,892		3.75%
Total interest-bearing deposits	32,041,751		587,639		2.45%	28,884,565		609,139		2.82%
Federal funds purchased and securities sold under agreements to repurchase	407,330		10,826		3.55%	274,204		7,733		3.77%
FHLB advances	3,548,066		100,760		3.80%	2,672,351		86,944		4.35%
Senior and subordinated debt	592,495		30,556		6.88%	604,146		32,526		7.18%

Other interest-bearing liabilities	21,029		657		4.18%	22,861		907		5.30%
Total funding	4,568,920		142,799		4.18%	3,573,561		128,110		4.79%
Total interest-bearing liabilities and related interest expense	36,610,671		$	730,438	2.67%	32,458,126		$	737,250	3.04%
Noninterest-bearing demand deposits	6,815,928					5,695,818
Other liabilities	449,275					477,597
Stockholders’ equity	5,433,058					4,728,828
Total liabilities and stockholders’ equity	$	49,308,932				$	43,360,369
Interest rate spread					2.62%					2.45%
Net free funds					0.52%					0.57%
Fully tax-equivalent net interest income and net interest margin			$	1,066,844	3.14%			$	903,867	3.02%
Fully tax-equivalent adjustment			(12,365)					(12,705)
Net interest income			$	1,054,479				$	891,163

(a) Prior period has been adjusted to conform with current period presentation.
(b) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.

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Table 2 Net Interest Income Analysis


	Three Months Ended,
	Sep 30, 2026					June 30, 2026					Sep 30, 2025(a)
(Dollars in thousands)	Average Balance		Interest Income / Expense		Average Yield / Rate	Average Balance		Interest Income / Expense		Average Yield / Rate	Average Balance		Interest Income / Expense		Average Yield / Rate
Assets
Earning assets
Loans(b)(c)
Commercial and industrial	$	13,419,967	$	203,370	6.01%	$	13,185,643	$	197,248	6.00%	$	11,367,533	$	187,046	6.53%
Commercial real estate—owner occupied	1,570,109		22,270		5.63%	1,577,489		22,000		5.59%	1,105,787		15,827		5.68%
Commercial and business lending	14,990,076		225,640		5.97%	14,763,132		219,248		5.96%	12,473,319		202,873		6.45%
Commercial real estate—investor	6,464,811		98,026		6.02%	6,502,707		99,131		6.11%	5,300,765		87,114		6.52%
Real estate construction	2,609,406		44,332		6.74%	2,410,500		40,425		6.73%	1,991,565		36,770		7.32%
Commercial real estate lending	9,074,217		142,358		6.23%	8,913,207		139,556		6.28%	7,292,330		123,884		6.74%
Total commercial	24,064,293		367,998		6.07%	23,676,339		358,804		6.08%	19,765,649		326,757		6.56%
Residential mortgage	6,849,299		65,911		3.85%	6,916,754		65,963		3.81%	6,987,858		65,553		3.75%
Auto finance	4,082,986		59,941		5.82%	4,044,290		58,768		5.83%	3,000,978		42,230		5.58%
Home equity	836,914		13,391		6.39%	817,378		13,096		6.41%	690,330		12,641		7.32%
Other consumer	363,543		9,665		10.55%	415,476		10,388		10.03%	305,644		8,972		11.65%
Total consumer	12,132,742		148,908		4.89%	12,193,898		148,215		4.87%	10,984,811		129,396		4.70%
Total loans	36,197,035		516,906		5.67%	35,870,237		507,019		5.67%	30,750,460		456,153		5.89%
Investments
Taxable securities	7,963,260		87,551		4.40%	8,153,435		88,347		4.33%	6,767,664		73,727		4.36%
Tax-exempt securities(b)	1,941,019		17,101		3.52%	1,971,946		17,373		3.52%	1,997,416		17,580		3.52%
Other short-term investments	1,401,842		16,109		4.56%	1,291,636		14,694		4.56%	1,046,723		13,353		5.06%
Total investments	11,306,121		120,761		4.27%	11,417,017		120,414		4.22%	9,811,804		104,660		4.26%
Total earning assets and related interest income	47,503,156		$	637,667	5.34%	47,287,254		$	627,433	5.32%	40,562,264		$	560,813	5.50%
Other assets, net	4,096,534					3,948,588					3,452,939
Total assets	$	51,599,690				$	51,235,842				$	44,015,203
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	6,187,886	$	21,207	1.36%	$	6,046,605	$	19,815	1.31%	$	5,338,129	$	19,042	1.42%
Interest-bearing demand	9,035,081		40,602		1.78%	8,720,180		37,161		1.71%	7,898,770		44,763		2.25%
Money market	7,619,006		46,757		2.43%	7,641,652		45,976		2.41%	5,860,802		38,061		2.58%
Network transaction deposits	1,869,045		17,727		3.76%	1,879,876		17,459		3.73%	1,933,659		21,276		4.37%
Brokered CDs	3,920,540		39,334		3.98%	4,085,995		40,487		3.97%	3,916,329		42,878		4.34%
Other time deposits	4,963,185		42,974		3.44%	4,945,821		42,867		3.48%	3,961,522		36,323		3.64%
Total interest-bearing deposits	33,594,743		208,601		2.46%	33,320,129		203,765		2.45%	28,909,211		202,344		2.78%
Federal funds purchased and securities sold under agreements to repurchase	337,397		3,008		3.54%	460,414		4,085		3.56%	227,460		2,107		3.68%
FHLB advances	3,528,243		34,138		3.84%	3,733,950		35,052		3.77%	3,181,903		35,965		4.48%
Senior and subordinated debt	590,928		10,231		6.93%	592,195		10,163		6.86%	593,045		10,741		7.24%

Other interest-bearing liabilities	35,181		352		3.97%	16,430		190		4.64%	19,276		212		4.36%
Total funding	4,491,749		47,729		4.22%	4,802,989		49,490		4.13%	4,021,685		49,025		4.85%
Total interest-bearing liabilities and related interest expense	38,086,492		$	256,330	2.67%	38,123,118		$	253,255	2.66%	32,930,896		$	251,369	3.03%
Noninterest-bearing demand deposits	7,371,331					7,062,098					5,796,676
Other liabilities	484,357					422,642					466,482
Stockholders’ equity	5,657,510					5,627,984					4,821,150
Total liabilities and stockholders’ equity	$	51,599,690				$	51,235,842				$	44,015,203
Interest rate spread					2.67%					2.65%					2.47%
Net free funds					0.53%					0.52%					0.57%
Fully tax-equivalent net interest income and net interest margin			$	381,337	3.20%			$	374,178	3.17%			$	309,444	3.04%
Fully tax-equivalent adjustment			(4,086)					(4,139)					(4,222)
Net interest income			$	377,251				$	370,039				$	305,222

(a) Prior period has been adjusted to conform with current period presentation.
(b) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21%.

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Notable Contributions to the Change in Net Interest Income

•Fully tax-equivalent net interest income and net interest income increased $163.0 million and $163.3 million, respectively or 18%, as compared to the first nine months of 2025. The average yield on earning assets decreased 19 bp, while the cost of interest-bearing liabilities decreased 37 bp from the first nine months of 2025. The increase in net interest income was primarily driven by growth in average earning assets resulting from the American National acquisition in the second quarter of 2026. In addition, the continued shift in the asset mix away from lower-yielding residential mortgages toward higher-yielding commercial loans partially offset the impact of lower market rates on earning asset yields, while rates paid on interest-bearing liabilities decreased due to lower market rates and a favorable shift in deposit mix toward lower-cost products. As a result, reductions in funding costs more than offset the decline in earning asset yields. See sections Interest Rate Risk and Quantitative and Qualitative Disclosures about Market Risk for a discussion of interest rate risk and market risk.

•Average earning assets increased $5.4 billion, or 14%, from the first nine months of 2025. Average loans increased $4.0 billion, or 13%, from the first nine months of 2025, primarily driven by loans acquired from American National as well as organic increases in commercial and industrial, auto finance, and real estate construction loans, partially offset by a decrease in residential mortgage loans as a result of the Corporation's focus on relationship-based lending and balance sheet remix. Average investments increased $1.4 billion, or 15%, from the first nine months of 2025 due to the American National acquisition.

• Average interest-bearing liabilities increased $4.2 billion, or 13%, compared to the first nine months of 2025. Average interest-bearing deposits increased $3.2 billion, or 11% from the first nine months of 2025. This was primarily driven by the acquisition of American National along with organic increases in other time deposits and savings, partially offset by a decrease in brokered CDs. Average total funding increased $1.0 billion, or 28%, from the first nine months of 2025, primarily driven by an increase in FHLB advances related to funding for continued loan growth. Average noninterest-bearing demand deposits increased $1.1 billion, or 20%, driven by deposits acquired from the American National acquisition and organic growth from the first nine months of 2025.

Provision for Credit Losses

The provision for credit losses is predominantly a function of the Corporation’s reserving methodology and judgments as to other qualitative and quantitative factors used to determine the appropriate level of the ACLL, which focuses on changes in the size and character of the loan portfolio, changes in levels of individually evaluated and other nonaccrual loans, historical losses and delinquencies in each portfolio category, the risk inherent in specific loans, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, and other factors which could affect potential credit losses. See additional discussion under the sections titled Loans, Credit Risk, Nonperforming Assets, and Allowance for Credit Losses on Loans.

Noninterest Income

Table 3 Noninterest Income


	Nine months ended						Three months ended										QTD % Change vs
(Dollars in thousands, except as noted)	Sep 30, 2026		Sep 30, 2025		YTD % Change		Sep 30, 2026		Jun 30, 2026		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025		Jun 30, 2026		Sep 30, 2025
Wealth management fees	$	77,596	$	70,837	10	%	$	26,161	$	26,217	$	25,219	$	25,742	$	25,315	—	%	3	%
Service charges and deposit account fees	46,709		39,822		17	%	16,793		15,863		14,054		13,827		13,861		6	%	21	%
Card-based fees	40,289		33,950		19	%	14,549		14,161		11,579		12,679		12,308		3	%	18	%
Other fee-based revenue	17,250		15,659		10	%	6,630		5,758		4,862		5,557		5,414		15	%	22	%
Capital markets, net	24,720		20,873		18	%	10,702		7,476		6,543		11,175		10,764		43	%	(1)	%
Mortgage banking, net	10,653		11,577		(8)	%	1,765		2,777		6,111		2,926		3,541		(36)	%	(50)	%
Loss on mortgage portfolio sale	—		(6,976)		(100)	%	—		—		—		—		—		—	%	—	%
Bank and corporate owned life insurance	13,122		13,391		(2)	%	4,691		4,615		3,816		3,804		4,051		2	%	16	%
Asset gains, net	4,305		727		492	%	2,676		789		840		838		3,340		239	%	(20)	%
Investment securities (losses) gains, net	(40)		13		(408)	%	(46)		35		(28)		37		1		(231)	%	N/M

Other	8,783		$	7,147	23	%	3,210		2,707		2,861		2,799		2,670		19	%	20	%
Total noninterest income	$	243,387	$	207,019	18	%	$	87,131	$	80,398	$	75,857	$	79,384	$	81,265	8	%	7	%



Assets under management, at market value(a)							16,818		17,009		15,708		16,132		16,178		(1)	%	4	%

N/M = Not meaningful
(a) In millions. Excludes assets held in brokerage accounts.

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Notable Contributions to the Change in Noninterest Income

•Wealth management fees increased $6.8 million compared to the first nine months of 2025, primarily due to increased assets under management.

•Service charges and deposit account fees increased $6.9 million compared to the first nine months of 2025, due to organic increases in business demand deposit and overdraft account fees as well as additional income from American National deposit accounts acquired.

•Card-based fees increased $6.3 million compared to the first nine months of 2025, due to organic increases in interchange fee income as well as additional income from increased card-based activity as a result of the American National acquisition.

•Capital markets, net increased $3.8 million compared to the first nine months of 2025, primarily from increased syndication fees.

•Loss on mortgage portfolio sale decreased $7.0 million compared to the first nine months of 2025, due to the balance sheet repositioning completed during the first quarter of 2025.

•Asset gains, net increased $3.6 million compared to the first nine months of 2025, primarily due to valuation changes on deferred compensation plan assets whose impact is fully offset in personnel expense. The increase in asset gains, net was also driven by an increase in equity investment valuations, partially offset by losses on leases.

Noninterest Expense

Table 4 Noninterest Expense


	Nine months ended								Three months ended															QTD % Change vs
(Dollars in thousands)	Sep 30, 2026			Sep 30, 2025			YTD % Change		Sep 30, 2026			Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025			Jun 30, 2026		Sep 30, 2025
Personnel	$	450,054		$	386,593		16	%	$	153,714		$	161,168		$	135,172		$	135,130		$	135,703		(5)	%	13	%
Technology	105,328			82,237			28	%	42,725			32,867			29,736			28,641			28,590			30	%	49	%
Occupancy	43,369			40,782			6	%	15,552			14,091			13,725			14,229			12,757			10	%	22	%
Business development and advertising	25,851			22,496			15	%	9,477			8,548			7,827			9,118			8,362			11	%	13	%
Equipment	16,514			13,389			23	%	5,480			5,423			5,610			6,888			4,368			1	%	25	%
Legal and professional	33,228			17,989			85	%	9,053			17,454			6,721			5,945			5,232			(48)	%	73	%
Loan and foreclosure costs	5,298			6,937			(24)	%	2,039			1,552			1,707			1,327			1,638			31	%	24	%
FDIC assessment	31,234			30,124			4	%	11,802			10,595			8,837			6,589			9,980			11	%	18	%
Other intangible amortization	15,990			6,608			142	%	6,894			6,894			2,203			2,203			2,203			—	%	213	%

Other	24,520			29,017			(15)	%	3,606			13,290			7,625			9,396			7,369			(73)	%	(51)	%
Total noninterest expense	$	751,386		$	636,173		18	%	$	260,342		$	271,882		$	219,163		$	219,466		$	216,202		(4)	%	20	%

Average FTEs excluding overtime	4,173			3,990			5	%	4,259			4,321			3,934			3,919			3,982			(1)	%	7	%
Annualized noninterest expense / average assets	2.04		%	1.96		%			2.00		%	2.13		%	1.97		%	1.96		%	1.95		%

Notable Contributions to the Change in Noninterest Expense

•Personnel expense increased $63.5 million compared to the first nine months of 2025, primarily due to increased recurring costs associated with employees added through the American National acquisition. The increase also reflected nonrecurring severance costs and retention bonuses related to integration activities.

•Technology expense increased $23.1 million compared to the first nine months of 2025, driven by an increase in ongoing subscription costs as well as nonrecurring termination fees for subscriptions associated with the integration of American National.

•Business development and advertising increased $3.4 million compared to the first nine months of 2025, driven by marketing and advertising initiatives and nonrecurring advertising expenses associated with the American National acquisition.

•Equipment expense increased $3.1 million compared to the first nine months of 2025, driven by increased equipment and supplies purchased for newly acquired American National locations and employees.

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•Legal and professional expense increased $15.2 million compared to the first nine months of 2025, primarily due to nonrecurring expenses related to the American National acquisition.

•Other intangible amortization increased $9.4 million compared to the first nine months of 2025, driven by additional amortization related to core deposit intangibles recognized as part of the American National acquisition.

•Other expense decreased $4.5 million compared to the first nine months of 2025, driven by gains on sale of an OREO property and decreased OREO writedowns. These were partially offset by increased card-based expenses due to increased activity as a result of the American National acquisition.

Income Taxes

The Corporation records income tax expense during interim periods based on the best estimate of the full year's effective tax rate as adjusted for discrete items, if any, taken into account in the relevant interim period. Each quarter, the Corporation updates its estimate of the annual effective tax rate and the effect of any change in the estimated rate is recorded on a cumulative basis. The Corporation recognized income tax expense of $112.3 million for the nine months ended September 30, 2026, compared to income tax expense of $77.4 million for the nine months ended September 30, 2025. The Corporation's effective tax rate from continuing operations was 22.37% and 18.64% for the nine months ended September 30, 2026, and 2025, respectively. The increase in income tax expense of $34.9 million and higher effective tax rate during the first nine months of 2026 as compared to the same period of 2025 were primarily due to the net impact of several discrete items from 2025 that resulted in the release of a portion of the valuation allowance, which did not reoccur in 2026. Additionally, the Corporation recognized higher net income before tax for the nine months ended September 30, 2026, which reduced the relative impact of any recurring favorable rate drivers.

Income tax expense recorded on the consolidated statements of income involves the interpretation and application of certain accounting pronouncements and federal and state tax laws and regulations.

The Corporation is subject to examination by various taxing authorities. Examination by taxing authorities may impact the amount of tax expense and/or the reserve for uncertainty in income taxes if their interpretations differ from those of management, based on their judgments about information available to them at the time of their examinations.

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Balance Sheet Analysis

•At September 30, 2026, total assets were $51.4 billion, up $6.2 billion, or 14%, from December 31, 2025.

◦Cash and due from banks were $644.5 million at September 30, 2026, up $69.8 million, or 12%, from December 31, 2025. Interest bearing deposits in other financial institutions were $982.9 million at September 30, 2026, down $161.3 million, or 14%, from December 31, 2025. See the Consolidated Statements of Cash Flows for detailed information on those fluctuations.

◦Available for sale investment securities were $6.2 billion at September 30, 2026, up $801.3 million or 15%, from December 31, 2025. Changes were primarily driven by the acquisition, sale, and reinvestment of the proceeds of the investment securities from the American National acquisition. See Note 3 Business Combinations and Note 6 Investment Securities of the notes to consolidated financial statements for additional detail.

◦Regulatory stocks of $304.3 million at September 30, 2026 were up $51.8 million, or 21%, from December 31, 2025 primarily due to increases in FHLB advances to fund loan growth, which required additional purchases of FHLB stock. Increases in FRB stock were also required due to the increase in capital used to fund the American National acquisition.

◦Loans of $36.5 billion at September 30, 2026 were up $5.4 billion, or 17%, from December 31, 2025 primarily due to the American National acquisition and continued organic growth in the commercial and business lending portfolio. See Note 3 Business Combinations and Note 7 Loans of the notes to consolidated financial statements and Table 5 Period End Loan Composition below for additional detail.

◦Premises and equipment of $447.1 million at September 30, 2026, up $65.5 million, or 17% from December 31, 2025, primarily due to assets acquired from the American National acquisition. Other intangible assets, net of $110.1 million at September 30, 2026, increased $87.2 million, or 382% from December 31, 2025, due to the additional CDI recognized as part of the American National acquisition. See Note 3 Business Combinations of the notes to consolidated financial statements for additional detail.

•At September 30, 2026, total liabilities were $45.9 billion, up $5.7 billion, or 14%, from December 31, 2025.

◦Total deposits of $40.4 billion at September 30, 2026 were up $4.8 billion or 14%, from December 31, 2025. The increase was primarily due to deposits assumed from the American National acquisition as well as organic growth in the customer base. See Note 3 Business Combinations for additional detail.

◦Federal funds purchased and securities sold under agreements to repurchase was $266.3 million at September 30, 2026, down $41.5 million, or 13%, from December 31, 2025. FHLB advances of $4.0 billion at September 30, 2026 were up $693.0 million, or 21%, from December 31, 2025. These changes were primarily driven by funding needs associated with loan growth and a mix shift from federal funds purchased and securities sold under agreements to repurchase to FHLB advances. See Note 9 Short and Long-Term Funding of the notes to consolidated financial statements for additional details.

◦Accrued expenses and other liabilities of $676.9 million at September 30, 2026 were up $213.8 million or 46% from December 31, 2025 primarily due to changes within the customer back-to-back derivative portfolio as a result of interest rate increases.

•At September 30, 2026, the loans to deposits ratio was 90.44%, up from 87.65% at December 31, 2025.

•At September 30, 2026, total stockholders' equity was $5.5 billion, up $500.3 million, or 10%, from December 31, 2025 primarily due to the issuance of additional shares of the Corporation's common stock in connection with the acquisition of American National. This was partially offset by the repurchase of $100.0 million of the Corporation's common stock in association with an accelerated share repurchase agreement executed during the third quarter of 2026.

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Loans

Table 5 Period End Loan Composition


	Sep 30, 2026				Jun 30, 2026				Mar 31, 2026				Dec 31, 2025				Sep 30, 2025
(Dollars in thousands)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total


Commercial and industrial	$	13,804,140	38	%	$	13,750,175	38	%	$	12,339,597	39	%	$	11,799,757	38	%	$	11,567,651	37	%
Commercial real estate — owner occupied	1,601,925		4	%	1,575,445		4	%	1,193,778		4	%	1,186,324		4	%	1,149,939		4	%
Commercial and business lending	15,406,065		42	%	15,325,620		42	%	13,533,375		43	%	12,986,081		42	%	12,717,590		41	%
Commercial real estate — investor	6,494,991		18	%	6,492,950		18	%	5,266,584		16	%	5,246,030		17	%	5,369,441		17	%
Real estate construction	2,601,571		7	%	2,546,186		7	%	2,117,479		7	%	1,994,642		6	%	1,958,766		6	%
Commercial real estate lending	9,096,562		25	%	9,039,136		25	%	7,384,063		23	%	7,240,672		23	%	7,328,207		24	%
Total commercial	24,502,627		67	%	24,364,756		67	%	20,917,438		66	%	20,226,753		65	%	20,045,797		65	%
Residential mortgage	6,740,214		19	%	6,808,398		19	%	6,727,734		21	%	6,793,957		22	%	6,858,285		22	%
Auto finance	4,093,215		11	%	4,044,416		11	%	3,136,334		10	%	3,106,498		10	%	3,041,644		10	%


Home equity	848,507		2	%	826,343		2	%	706,075		2	%	713,271		2	%	698,112		2	%
Other consumer	335,308		1	%	423,127		1	%	310,583		1	%	323,135		1	%	308,126		1	%
Total consumer	12,017,244		33	%	12,102,284		33	%	10,880,726		34	%	10,936,861		35	%	10,906,167		35	%
Total loans	$	36,519,871	100	%	$	36,467,040	100	%	$	31,798,164	100	%	$	31,163,614	100	%	$	30,951,964	100	%

The Corporation has long-term guidelines relative to the proportion of Commercial and Business, CRE, and Consumer loans within the overall loan portfolio. Furthermore, certain sub-asset classes within the respective portfolios are further defined and dollar limitations are placed on these sub-portfolios. These guidelines and limits are reviewed quarterly and approved annually by the ERC. These guidelines and limits are designed to create balance and diversification within the loan portfolios.

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The Corporation’s loan distribution and interest rate sensitivity as of September 30, 2026 are summarized in the following table:

Table 6 Loan Distribution and Interest Rate Sensitivity


(Dollars in thousands)	Within 1 Year(a)		1-5 Years		5-15 Years		Over 15 Years		Total		% of Total
Fixed rate
Commercial and industrial	$	4,931,587	$	1,416,323	$	340,953	$	16	$	6,688,879	18	%
Commercial real estate — owner occupied	155,423		457,712		67,664		6,840		687,639		2	%
Commercial and business lending	5,087,010		1,874,035		408,617		6,856		7,376,518		20	%
Commercial real estate — investor	675,697		618,093		92,622		5,227		1,391,639		4	%
Real estate construction	352,928		110,462		17,175		9,522		490,087		1	%
Commercial real estate lending	1,028,625		728,555		109,797		14,749		1,881,726		5	%
Total commercial	6,115,635		2,602,590		518,414		21,605		9,258,244		25	%
Residential mortgage	22,103		72,034		290,395		3,874,205		4,258,737		12	%
Auto finance	24,399		2,378,160		1,690,656		—		4,093,215		11	%
Home equity	2,204		4,592		21,871		6,783		35,450		—	%
Other consumer	6,897		31,185		17,174		4,162		59,418		—	%
Total consumer	55,603		2,485,971		2,020,096		3,885,150		8,446,820		23	%
Total fixed rate loans	$	6,171,238	$	5,088,561	$	2,538,510	$	3,906,755	$	17,705,064	48	%
Floating or adjustable rate
Commercial and industrial	$	6,978,317	$	126,010	$	3,325	$	7,609	$	7,115,261	20	%
Commercial real estate — owner occupied	817,005		96,526		755		—		914,286		2	%
Commercial and business lending	7,795,322		222,536		4,080		7,609		8,029,547		22	%
Commercial real estate — investor	4,849,055		250,189		3,753		355		5,103,352		14	%
Real estate construction	2,088,711		22,773		—		—		2,111,484		6	%
Commercial real estate lending	6,937,766		272,962		3,753		355		7,214,836		20	%
Total commercial	14,733,088		495,498		7,833		7,964		15,244,383		42	%
Residential mortgage	242,082		1,038,205		1,201,136		54		2,481,477		7	%

Home equity	784,549		27,884		559		65		813,057		2	%
Other consumer	275,890		—		—		—		275,890		1	%
Total consumer	1,302,521		1,066,089		1,201,695		119		3,570,424		10	%
Total floating or adjustable rate loans	$	16,035,609	$	1,561,587	$	1,209,528	$	8,083	$	18,814,807	52	%

Total loans	$	22,206,847	$	6,650,148	$	3,748,038	$	3,914,838	$	36,519,871	100	%

(a) Demand loans, past due loans, overdrafts, and credit cards are reported in the “Within 1 Year” category.

At September 30, 2026, $25.0 billion, or 68%, of the loans outstanding and $21.4 billion, or 87%, of the commercial loans outstanding were floating rate, adjustable rate, re-pricing within one year, or maturing within one year.

Credit Risk

An active credit risk management process is used for commercial loans to ensure that sound and consistent credit decisions are made. Credit risk is controlled by detailed underwriting procedures, comprehensive loan administration, and periodic review of borrowers’ outstanding loans and commitments. Borrower relationships are formally reviewed and graded on an ongoing basis for early identification of potential problems. Further analysis by customer, industry, and geographic location is performed to monitor trends, financial performance, and concentrations. See Note 7 Loans of the notes to consolidated financial statements for additional information on managing overall credit quality.

The loan portfolio is widely diversified by types of borrowers, industry groups, and market areas primarily within the Corporation's lending footprint. Significant loan concentrations are considered to exist when there are amounts loaned to numerous borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions. At September 30, 2026, no significant concentrations existed in the Corporation’s portfolio in excess of 10% of total loan exposure.

Commercial and business lending: The commercial and business lending classification primarily includes commercial loans to large corporations, middle market companies, small businesses, and asset-based lending and equipment financing.

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Table 7 Largest Commercial and Industrial Industry Group Exposures, by NAICS Subsector


Sep 30, 2026	NAICS Subsector	Outstanding Balance		Total Exposure		% of Total Loan Exposure
(Dollars in thousands)
Utilities(a)	221	$	3,358,896	$	4,252,965	8	%
Real Estate(b)	531	2,429,356		3,985,624		8	%
Credit Intermediation and Related Activities(c)	522	871,105		1,628,221		3	%
Merchant Wholesalers, Durable Goods	423	851,822		1,432,277		3	%
Insurance Carriers and Related Activities	524	488,690		1,025,922		2	%

(a) 72% of the total utilities exposure comes from renewable energy sources (wind, solar, hydroelectric, and geothermal).

(b) 64% of the total real estate exposure comes from REIT lines.

The remaining commercial and industrial portfolio is spread over a diverse range of industries, none of which exceed 2% of total loan exposure.

The CRE-owner occupied portfolio is spread over a diverse range of industries, none of which exceed 2% of total loan exposure.

The credit risk related to commercial and business lending is largely influenced by general economic conditions and the resulting impact on a borrower’s operations or on the value of underlying collateral, if any.

Commercial real estate - investor: Commercial real estate - investor is comprised of loans secured by various non-owner occupied or investor income producing property types.

Table 8 Largest Commercial Real Estate - Investor Property Type Exposures


Sep 30, 2026	% of Total Loan Exposure		% of Total Commercial Real Estate - Investor Loan Exposure
Multi-Family	5	%	39	%
Industrial	3	%	24	%
Office	2	%	15	%

The remaining commercial real estate - investor portfolio is spread over various other property types, none of which exceed 2% of total loan exposure.

Credit risk is managed in a similar manner to commercial and business lending by employing sound underwriting guidelines, lending primarily to borrowers in local markets and businesses, periodically evaluating the underlying collateral, and formally reviewing the borrower’s financial soundness and relationship on an ongoing basis.

Real estate construction: Real estate construction loans are primarily short-term or interim loans that provide financing for the acquisition or development of commercial income properties, multi-family projects, or residential development, both single family and condominium. Real estate construction loans are made to developers and project managers who are generally well known to the Corporation and have prior successful project experience. The credit risk associated with real estate construction loans is generally confined to specific geographic areas but is also influenced by general economic conditions. The Corporation controls the credit risk on these types of loans by making loans in familiar markets to developers, reviewing the merits of individual projects, controlling loan structure, and monitoring project progress and construction advances.

Table 9 Largest Real Estate Construction Property Type Exposures


Sep 30, 2026	% of Total Loan Exposure		% of Total Real Estate Construction Loan Exposure
Multi-Family	5	%	47	%
Industrial	2	%	20	%

The remaining real estate construction portfolio is spread over various other property types, none of which exceed 2% of total loan exposure.

The Corporation’s current lending standards for CRE and real estate construction lending are determined by property type and specifically address many criteria, including: maximum loan amounts, maximum LTV, requirements for pre-leasing and/or presales, minimum borrower equity, and maximum loan-to-cost. Currently, the maximum standard for LTV is 80%, with lower limits established for certain higher risk types, such as raw land that has a 50% LTV maximum. Certain loans acquired through business combinations may not adhere to these underwriting standards. The Corporation’s LTV guidelines are in compliance with regulatory supervisory limits. In most cases, for real estate construction loans, the loan amounts include interest reserves, which are built into the loans and sized to fund loan payments through construction and lease up and/or sell out.

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Residential mortgages: Residential mortgage loans are primarily first-lien home mortgages with a maximum loan-to-collateral value without credit enhancement (e.g. private mortgage insurance) of 80%. The residential mortgage portfolio is focused primarily in the Corporation's six-state branch footprint, with approximately 94% of the outstanding loan balances in the Corporation's branch footprint at September 30, 2026. The rates on adjustable rate mortgages adjust based upon the movement in the underlying index which is then added to a margin and rounded to the nearest 0.125%. That result is then subjected to any periodic caps to produce the borrower's interest rate for the coming term. Adjustable rate mortgages are typically offered with an initial fixed rate term of 5, 7 or 10 years.

The Corporation generally retains certain fixed-rate residential real estate mortgages in its loan portfolio, including retail and private banking jumbo mortgages and CRA-related mortgages. As part of management’s historical practice of originating and servicing residential mortgage loans, generally the Corporation’s 30-year, agency conforming, fixed-rate residential real estate mortgage loans have been sold in the secondary market with servicing rights retained. Subject to management’s analysis of the current interest rate environment, among other market factors, the Corporation may choose to retain mortgage loan production on its balance sheet.

The Corporation’s underwriting and risk-based pricing guidelines for residential mortgage loans include minimum borrower FICO score and maximum LTV of the property securing the loan. Residential mortgage products generally are underwritten using FHLMC and FNMA secondary marketing guidelines.

Home equity: Home equity consists of both home equity lines of credit and closed-end home equity loans. The Corporation’s credit risk monitoring guidelines for home equity are based on an ongoing review of loan delinquency status, as well as a quarterly review of FICO score deterioration and property devaluation. The Corporation does not routinely obtain appraisals on performing loans to update LTV ratios after origination; however, the Corporation monitors the local housing markets by reviewing the various home price indices and incorporates the impact of the changing market conditions in its ongoing credit monitoring process. For junior lien home equity loans, the Corporation is unable to track the performance of the first lien loan if it does not own or service the first lien loan. However, the Corporation obtains a refreshed FICO score on a quarterly basis and monitors this as part of its assessment of the home equity portfolio.

The Corporation’s underwriting and risk-based pricing guidelines for home equity lines of credit and loans consist of a combination of both borrower FICO score and the original cumulative LTV against the property securing the loan. Currently, the Corporation's policy sets the maximum acceptable LTV at 90%. Certain loans acquired through business combinations may not adhere to these underwriting standards. The Corporation's current home equity line of credit offering is priced based on floating rate indices and generally allows 10 years of interest-only payments followed by a 20-year amortization of the outstanding balance. The loans in the Corporation's portfolio generally have an original term of 20 years with principal and interest payments required.

Indirect Auto: The Corporation currently purchases retail sales contracts via a network of approved dealerships across 22 states throughout the Northeast, Mid-Atlantic, Midwest, and Great Plains regions of the United States. The dealerships finance the sale of automobiles and other recreational vehicles as the initial lender and then assign the contracts to the Corporation pursuant to dealer agreements. The Corporation’s underwriting and pricing guidelines are based on a dual risk grade derived from a combination of FICO auto score and proprietary internal custom score. Minimum grade and FICO score standards ensure the credit risk is appropriately managed to the Corporation’s risk appetite. Further, the grade influences loan-specific parameters such as vehicle age, term, LTV, loan amount, mileage, payment and debt service thresholds, and pricing. Maximum loan terms offered are 84 months on select grades with vehicle age, mileage, and other limitations in place to qualify. The program is designed to capture primarily prime and super prime contracts. Contracts for other recreational vehicles is a legacy business inherited from the acquisition of American National and is in runoff.

Other consumer: Other consumer consists of credit cards, revolving credit plans, and student loans. Credit risk for other consumer loans is influenced by general economic conditions, the characteristics of individual borrowers, and the nature of the loan collateral. Risks of loss are generally on smaller average balances per loan spread over many borrowers. Once charged off, there is usually less opportunity for recovery of these smaller consumer loans. Credit risk is primarily controlled by reviewing the creditworthiness of the borrowers, monitoring payment histories, and taking appropriate collateral and guarantee positions.

Nonperforming Assets

Management is committed to a proactive nonaccrual and problem loan identification philosophy. This philosophy is implemented through the ongoing monitoring and review of all pools of risk in the loan portfolio to ensure that problem loans are identified quickly and the risk of loss is minimized. Table 10 provides detailed information regarding NPAs, which include nonaccrual loans, OREO, and repossessed assets, and also includes information on accruing loans past due and restructured loans:

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Table 10 Nonperforming Assets


(Dollars in thousands)	Sep 30, 2026			Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025
Nonperforming assets
Commercial and industrial	$	64,960		$	44,388		$	19,606		$	7,178		$	12,802
Commercial real estate — owner occupied	1,658			3,255			34			203			203
Commercial and business lending	66,618			47,643			19,640			7,381			13,006
Commercial real estate — investor	14,115			11,184			8,078			8,311			7,333
Real estate construction	4,533			2,974			25			144			145
Commercial real estate lending	18,648			14,158			8,103			8,455			7,478
Total commercial	85,266			61,801			27,743			15,836			20,484
Residential mortgage	77,924			70,335			66,890			68,492			69,093
Auto finance	12,871			10,973			8,888			8,271			8,218
Home equity	7,320			6,582			6,950			7,774			8,299
Other consumer	55			262			110			55			85
Total consumer	98,170			88,152			82,838			84,592			85,696
Total nonaccrual loans	183,436			149,953			110,581			100,428			106,179
Commercial real estate owned	13,496			28,856			25,530			25,530			27,203
Residential real estate owned	1,583			2,690			3,692			2,414			1,816
Bank properties real estate owned(a)	2,822			2,506			3,312			72			249
OREO	17,901			34,052			32,534			28,016			29,268

Repossessed assets	1,365			1,293			806			757			789
Total nonperforming assets	$	202,702		$	185,298		$	143,921		$	129,201		$	136,236
Accruing loans past due 90 days or more
Commercial	$	7,196		$	565		$	385		$	370		$	395
Consumer(b)	2,233			1,723			2,105			2,444			2,297
Total accruing loans past due 90 days or more	$	9,429		$	2,288		$	2,490		$	2,814		$	2,692
Restructured loans (accruing)
Commercial	$	301		$	367		$	461		$	458		$	458
Consumer	4,823			5,888			5,849			5,584			4,280
Total restructured loans (accruing)	$	5,124		$	6,255		$	6,310		$	6,042		$	4,738
Nonaccrual restructured loans (included in nonaccrual loans)	$	6,291		$	5,068		$	4,424		$	3,472		$	3,899
Ratios
Nonaccrual loans to total loans	0.50		%	0.41		%	0.35		%	0.32		%	0.34		%
NPAs to total loans plus OREO and repossessed assets	0.55		%	0.51		%	0.45		%	0.41		%	0.44		%
NPAs to total assets	0.39		%	0.36		%	0.32		%	0.29		%	0.31		%

Allowance for credit losses on loans to nonaccrual loans	267.60		%	329.75		%	384.36		%	417.56		%	390.49		%
Accruing loans 30-89 days past due
Commercial and industrial	$	3,517		$	10,668		$	24,253		$	2,683		$	1,071
Commercial real estate — owner occupied	139			893			345			34			—
Commercial and business lending	3,656			11,561			24,598			2,717			1,071
Commercial real estate — investor	1,470			3,089			33,487			19,405			14,190
Real estate construction	1,033			1,437			—			117			21
Commercial real estate lending	2,503			4,526			33,487			19,522			14,211
Total commercial	6,159			16,087			58,085			22,239			15,282
Residential mortgage	20,045			14,034			7,755			13,135			12,684
Auto finance	46,182			20,367			14,549			16,445			14,013
Home equity	5,008			4,536			2,742			3,779			4,265
Other consumer(b)	2,382			2,988			2,173			2,704			2,728
Total consumer	73,617			41,925			27,219			36,063			33,689
Total accruing loans 30-89 days past due	$	79,776		$	58,012		$	85,304		$	58,302		$	48,971

(a) Primarily closed branches and other bank operated real estate facilities, pending disposition.

(b) Excluding guaranteed student loans.

Nonaccrual loans: Nonaccrual loans are considered to be one indicator of potential future loan losses. See Note 7 Loans of the notes to consolidated financial statements for additional nonaccrual loan disclosures. See also sections Credit Risk and Allowance for Credit Losses on Loans.

OREO: Management actively seeks to ensure OREO properties held are monitored to minimize the Corporation’s risk of loss.

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Accruing loans past due 90 days or more: Loans past due 90 days or more but still accruing interest are classified as such where the underlying loans are both well-secured (the collateral value is sufficient to cover principal and accrued interest) and are in the process of collection.

Restructured loans: Loans are considered restructured loans if concessions have been granted to borrowers that are experiencing financial difficulty. See also Note 7 Loans of the notes to consolidated financial statements for additional restructured loans disclosures.

Allowance for Credit Losses on Loans

Credit risks within the loan portfolio are inherently different for each loan type. Credit risk is controlled and monitored through the use of lending standards, a thorough review of potential borrowers, and ongoing review of loan payment performance. Active asset quality administration, including early problem loan identification and timely resolution of problems, aids in the management of credit risk and the minimization of loan losses. Credit risk management for each loan type is discussed in the section entitled Credit Risk. See Note 7 Loans of the notes to consolidated financial statements for additional disclosures on the ACLL.

To assess the appropriateness of the ACLL, the Corporation focuses on the evaluation of many factors, including but not limited to: evaluation of facts and issues related to specific loans, management’s ongoing review and grading of the loan portfolio, credit report refreshes, consideration of historical loan loss and delinquency experience on each portfolio category, trends in past due and nonaccrual loans, the risk characteristics of the various classifications of loan segments, changes in the size and character of the loan portfolio, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, funding assumptions on lines, and other qualitative and quantitative factors which could affect potential credit losses. The forecast the Corporation used for September 30, 2026 was the Moody's baseline scenario from August 2026, which was reviewed against the September 2026 baseline scenario with no material updates made, over a two year reasonable and supportable period with straight-line reversion to historical losses over the second year of the period. Assessing these factors involves significant judgment. Because each of the criteria used is subject to change, the ACLL is not necessarily indicative of the trend of future credit losses on loans in any particular segment. Therefore, management considers the ACLL a critical accounting estimate, see section Critical Accounting Estimates in the Corporation's 2025 Annual Report on Form 10-K for additional information on the ACLL. See section Nonperforming Assets for a detailed discussion on asset quality. See also Note 7 Loans of the notes to consolidated financial statements for additional ACLL disclosures. Table 5 provides information on loan growth and period end loan composition, Table 10 provides additional information regarding NPAs, and Table 11 and Table 12 provide additional information regarding activity in the ACLL.

The loan segmentation used in calculating the ACLL at September 30, 2026 and December 31, 2025 was generally comparable. The methodology to calculate the ACLL consists of the following components: a valuation allowance estimate is established for commercial and consumer loans determined by the Corporation to be individually evaluated, using discounted cash flows, estimated fair value of underlying collateral, and/or other data available. Loans are segmented for criticized loan pools by loan type as well as for non-criticized loan pools by loan type, primarily based on risk rating rates after considering loan type, historical loss and delinquency experience, credit quality, and industry classifications. Loans that have been criticized are considered to have a higher risk of default than non-criticized loans, as circumstances were present to support the lower loan grade, warranting higher loss factors. Additionally, management allocates ACLL to absorb losses that may not be provided for by the other components due to qualitative factors evaluated by management, such as limitations within the credit risk grading process, known current economic or business conditions that may not yet show in trends, industry or other concentrations with current issues that impose higher inherent risks than are reflected in the loss factors, and other relevant considerations. The total allowance is available to absorb losses from any segment of the loan portfolio.

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Table 11 Allowance for Credit Losses on Loans


	YTD				Quarter Ended
(Dollars in thousands)	Sep 30, 2026		Sep 30, 2025		Sep 30, 2026			Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025
Allowance for loan losses
Balance at beginning of period	$	378,068	$	363,545	$	443,729		$	385,756		$	378,068		$	378,341		$	376,515
Provision for loan losses recorded at acquisition	397		—		—			397			—			—			—
Initial allowance for PCD loans	39,512		—		—			39,512			—			—			—
Initial allowance for PSL	28,263		—		—			28,263			—			—			—

Provision for loan losses	41,000		49,500		15,000			13,000			13,000			2,000			15,000
Charge offs	(61,227)		(47,317)		(26,735)			(26,282)			(8,210)			(7,636)			(15,254)
Recoveries	15,111		12,613		9,130			3,083			2,898			5,363			2,081
Net charge offs	(46,116)		(34,704)		(17,605)			(23,199)			(5,312)			(2,273)			(13,173)
Balance at end of period	$	441,124	$	378,341	$	441,124		$	443,729		$	385,756		$	378,068		$	378,341
Allowance for unfunded commitments
Balance at beginning of period	$	41,276	$	38,776	$	50,744		$	39,276		$	41,276		$	36,276		$	35,276
Initial allowance for PCD unfunded commitments	3,597		—		—			3,597			—			—			—
Initial allowance for purchased seasoned unfunded commitments	1,871		—		—			1,871			—			—			—

Provision for unfunded commitments	3,000		(2,500)		(1,000)			6,000			(2,000)			5,000			1,000
Balance at end of period	$	49,744	$	36,276	$	49,744		$	50,744		$	39,276		$	41,276		$	36,276
Allowance for credit losses on loans	$	490,868	$	414,618	$	490,868		$	494,473		$	425,032		$	419,344		$	414,618
Provision for credit losses on loans	44,397		47,000		14,000			19,397			11,000			7,000			16,000
Net (charge offs) recoveries
Commercial and industrial	$	(32,954)	$	(7,782)	$	(12,614)		$	(17,604)		$	(2,736)		$	1,524		$	(1,230)
Commercial real estate — owner occupied	—		—		—			—			—			(113)			—
Commercial and business lending	(32,954)		(7,782)		(12,614)			(17,604)			(2,736)			1,411			(1,230)
Commercial real estate — investor	(2,210)		(18,315)		—			(2,710)			500			94			(8,930)
Real estate construction	7		152		3			2			2			2			2
Commercial real estate lending	(2,203)		(18,163)		3			(2,708)			502			96			(8,928)
Total commercial	(35,157)		(25,945)		(12,611)			(20,312)			(2,234)			1,507			(10,158)
Residential mortgage	(140)		(335)		(91)			(197)			148			(197)			(231)
Auto finance	(6,979)		(3,713)		(3,628)			(1,508)			(1,843)			(2,010)			(1,505)
Home equity	598		582		(92)			251			439			2			56
Other consumer	(4,438)		(5,293)		(1,183)			(1,433)			(1,822)			(1,575)			(1,336)
Total consumer	(10,959)		(8,759)		(4,994)			(2,887)			(3,078)			(3,780)			(3,015)
Total net charge offs	$	(46,116)	$	(34,704)	$	(17,605)		$	(23,199)		$	(5,312)		$	(2,273)		$	(13,173)
Ratios

Allowance for credit losses on loans to total loans					1.34		%	1.36		%	1.34		%	1.35		%	1.34		%

Allowance for credit losses on loans to net charge offs (annualized)	8.0x		8.9x		7.0x			5.3x			19.7x			46.5x			7.9x
Loan evaluation method for ACLL
Individually evaluated for impairment					$	15,671		$	18,624		$	19,919		$	2,992		$	4,518
Collectively evaluated for impairment					475,197			475,849			405,113			416,352			410,100
Total ACLL					$	490,868		$	494,473		$	425,032		$	419,344		$	414,618
Loan balance
Individually evaluated for impairment					$	88,923		$	65,645		$	59,321		$	21,651		$	19,282
Collectively evaluated for impairment					36,430,948			36,401,395			31,738,843			31,141,963			30,932,683
Total loan balance					$	36,519,871		$	36,467,040		$	31,798,164		$	31,163,614		$	30,951,964

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Table 12 Annualized Net (Charge Offs) Recoveries to Average Loans


	YTD		Quarter Ended
(In basis points)	Sep 30, 2026	Sep 30, 2025	Sep 30, 2026	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025
Net (charge offs) recoveries


Commercial and industrial	(34)	(9)	(37)	(54)	(9)	5	(4)
Commercial real estate — owner occupied	—	—	—	—	—	(4)	—
Commercial and business lending	(31)	(9)	(33)	(48)	(9)	4	(4)
Commercial real estate — investor	(5)	(45)	—	(17)	4	1	(67)
Real estate construction	—	1	—	—	—	—	—
Commercial real estate lending	(3)	(33)	—	(12)	3	1	(49)
Total commercial	(21)	(18)	(21)	(34)	(4)	3	(20)
Residential mortgage	—	(1)	(1)	(1)	1	(1)	(1)
Auto finance	(25)	(17)	(35)	(15)	(24)	(26)	(20)
Home equity	10	12	(4)	12	25	—	3
Other consumer	(163)	(229)	(129)	(138)	(235)	(200)	(173)
Total consumer	(12)	(11)	(16)	(9)	(11)	(14)	(11)
Total net charge offs	(18)	(15)	(19)	(26)	(7)	(3)	(17)

Notable Contributions to the Change in the Allowance for Credit Losses on Loans

•Total nonaccrual loans increased $83.0 million, or 83%, from December 31, 2025, and increased $77.3 million, or 73%, from September 30, 2025. The increase from December 31, 2025 was primarily driven by an organic increase in commercial and industrial, residential mortgage, and auto finance lending, partially offset by a decrease in home equity. Additionally, nonaccrual loans acquired from American National contributed to the increase. The increase from September 30, 2025 was primarily driven by organic increases in commercial and industrial, residential mortgage, CRE - investor, and auto finance lending, partially offset by a decrease in home equity. Additionally, nonaccrual loans acquired from American National contributed to the increase. See Note 7 Loans of the notes to consolidated financial statements and Table 10 for additional disclosures on the changes in asset quality.

•YTD net charge offs increased $11.4 million from September 30, 2025, primarily driven by net charge offs of loans acquired from American National. See Table 11 and Table 12 for additional information on the activity in the ACLL.

Management believes the level of ACLL to be appropriate at September 30, 2026.

Deposits and Customer Funding

The following table summarizes the composition of our deposits and customer funding:

Table 13 Period End Deposit and Customer Funding Composition


	Sep 30, 2026				Jun 30, 2026				Mar 31, 2026				Dec 31, 2025				Sep 30, 2025
(Dollars in thousands)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Noninterest-bearing demand	$	6,914,688	17	%	$	6,908,338	17	%	$	6,125,067	17	%	$	6,126,632	17	%	$	5,906,251	17	%
Savings	6,216,008		15	%	6,171,614		15	%	5,660,641		16	%	5,471,870		15	%	5,380,574		15	%
Interest-bearing demand	9,096,012		23	%	8,697,879		22	%	7,964,665		22	%	7,823,362		22	%	7,791,861		22	%
Money market	7,655,206		19	%	7,614,164		19	%	6,188,045		17	%	6,139,438		17	%	5,785,871		17	%
Network transaction deposits	1,745,224		4	%	1,823,130		5	%	1,746,518		5	%	2,154,995		6	%	2,013,964		6	%
Brokered CDs	3,790,075		9	%	3,933,787		10	%	3,562,752		10	%	3,795,133		11	%	3,956,517		11	%
Other time deposits	4,963,737		13	%	4,782,343		12	%	4,484,077		13	%	4,041,178		11	%	4,046,815		12	%
Total deposits	$	40,380,950	100	%	$	39,931,255	100	%	$	35,731,765	100	%	$	35,552,608	100	%	$	34,881,853	100	%
Other customer funding(a)	66,124				55,371				42,372				47,794				64,570
Total deposits and other customer funding	$	40,447,074			$	39,986,626			$	35,774,137			$	35,600,402			$	34,946,423

Less: Total network transaction deposits and brokered CDs	5,535,299				5,756,917				5,309,270				5,950,128				5,970,481
Core customer deposits(b) and other customer funding	$	34,911,775			$	34,229,709			$	30,464,867			$	29,650,274			$	28,975,941
Time deposits of more than $250,000	1,133,822				1,073,890				956,299				834,309				832,718

(a) Includes repurchase agreements.

(b) This is a non-GAAP financial measure. See Table 19 Non-GAAP Measures for a reconciliation to GAAP financial measures.

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•Total deposits, which are the Corporation's largest source of funds, increased $4.8 billion, or 14% from December 31, 2025, and increased $5.5 billion, or 16%, from September 30, 2025. The increases from December 31, 2025 and September 30, 2025, were driven by the American National acquisition as well as organic growth in the customer base causing increases in all deposit categories, except network transaction deposits and brokered CDs.

•Estimated uninsured and uncollateralized deposits, excluding intercompany deposits, were 27.3% of total deposits at September 30, 2026 compared to 26.5% at December 31, 2025, and 24.9% at September 30, 2025. The increase was primarily driven by an increase in uninsured balances in business deposit accounts.

Liquidity

The objective of liquidity risk management is to ensure that the Corporation has the ability to generate sufficient cash or cash equivalents in a timely and cost-effective manner to satisfy the cash flow requirements of depositors and borrowers and to meet its other commitments as they become due. The Corporation’s liquidity risk management process is designed to identify, measure, and manage the Corporation’s funding and liquidity risk to meet its daily funding needs in the ordinary course of business, as well as to address expected and unexpected changes in its funding requirements. The Corporation engages in various activities to manage its liquidity risk, including diversifying its funding sources, stress testing, and holding readily-marketable assets which can be used as a source of liquidity, if needed.

The Corporation performs dynamic scenario analysis in accordance with industry best practices. Measures have been established to ensure the Corporation has sufficient high quality short-term liquidity to meet cash flow requirements under stressed scenarios. In addition, the Corporation also reviews static measures such as deposit funding as a percent of total assets and liquid asset levels. Strong capital ratios, credit quality, and core earnings are also essential to maintaining cost effective access to wholesale funding markets. At September 30, 2026, the Corporation was in compliance with its internal liquidity objectives and had sufficient asset-based liquidity to meet its obligations even under a stressed scenario.

The Corporation maintains diverse and readily available liquidity sources, including:

•Lines of credit with the Federal Reserve Bank and FHLB, which require eligible loan and investment collateral to be pledged. Based on the amount of collateral pledged, the FHLB established a collateral value from which the Bank may draw advances, and issue letters of credit in favor of public fund depositors, against the collateral. As of September 30, 2026, the Bank had $5.7 billion available for future funding. The Federal Reserve Bank also establishes a collateral value of assets to support borrowings from the discount window. As of September 30, 2026, the Bank had $6.5 billion available for discount window borrowings.

•Issuances by the Parent Company; the Corporation maintains on file with the SEC a universal shelf registration statement, under which the Parent Company may offer the following securities, either separately or in units: debt securities, preferred stock, depositary shares, common stock, and warrants.

•Bank issuances; the Bank may also issue institutional CDs, network transaction deposits, and brokered CDs.

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The following table presents secured and total available liquidity sources, estimated uninsured and uncollateralized deposits (excluding intercompany deposits), and coverage of estimated uninsured and uncollateralized deposits.

Table 14 Liquidity Sources and Uninsured Deposit Coverage Ratio


(Dollars in thousands)	Sep 30, 2026			Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025
Federal Reserve Bank balance	$	980,172		$	1,265,738		$	915,691		$	1,139,401		$	799,991
Available FHLB Chicago capacity	5,723,111			5,330,837			5,574,246			6,221,495			5,943,747
Available Federal Reserve Bank discount window capacity	6,458,767			6,387,365			6,506,759			6,443,766			5,725,892

Funding available within one business day(a)	13,162,050			12,983,940			12,996,696			13,804,662			12,469,630
Available federal funds lines	2,236,000			1,967,000			1,981,000			1,846,000			1,419,000
Available brokered deposits capacity(b)	2,174,679			2,014,958			1,529,791			823,055			697,898
Unsecured debt capacity(c)	1,000,000			1,000,000			1,000,000			1,000,000			1,000,000
Total available liquidity	$	18,572,729		$	17,965,898		$	17,507,487		$	17,473,717		$	15,586,528
Uninsured and uncollateralized deposits	$	11,028,439		$	10,590,229		$	9,178,436		$	9,432,066		$	8,697,563
Coverage ratio of uninsured and uncollateralized deposits with secured funding available within one business day	119		%	123		%	142		%	146		%	143		%
Coverage ratio of uninsured and uncollateralized deposits with total funding	168		%	170		%	191		%	185		%	179		%

(a) Estimated based on normal course of operations with indicated institution.

(b) Availability based on internal policy limitations. The Corporation includes outstanding deposits that have received a primary purpose exemption in the brokered deposit classification as they have similar funding characteristics and risk as brokered deposits.

Based on contractual obligations and ongoing operations, the Corporation's sources of liquidity are sufficient to meet present and future liquidity needs. See Table 17 for information about the Corporation's contractual obligations and other commitments. See section Deposits and Customer Funding for information about uninsured deposits and concentrations.

Credit ratings impact the Corporation's ability to issue debt securities and the cost to borrow money. Adverse changes in credit ratings impact not only the ability to raise funds in the capital markets but also the cost of these funds. For additional information regarding risks related to adverse changes in our credit ratings, see Part I, Item 1A, Risk Factors in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2025.

For the nine months ended September 30, 2026, net cash provided by operating and financing activities was $672.2 million and $623.6 million, respectively, while investing activities used net cash of $1.4 billion, for a net decrease in cash and cash equivalents of $92.8 million since year-end 2025. At September 30, 2026, assets of $51.4 billion increased $6.2 billion, or 14%, from year-end 2025. On the funding side, deposits of $40.4 billion increased $4.8 billion, or 14% from year-end 2025, short-term funding decreased $41.5 million, or 13%, and FHLB advances increased $693.0 million or 21%.

For the nine months ended September 30, 2025, net cash provided by operating and financing activities was $397.6 million and $1.1 billion, respectively, while investing activities used net cash of $1.2 billion, for a net increase in cash and cash equivalents of $273.2 million since year-end 2024. At September 30, 2025, assets of $44.5 billion increased $1.4 billion, or 3%, from year-end 2024. On the funding side, deposits of $34.9 billion increased $233.4 million, or 1%, from year-end 2024, short-term funding decreased $70.7 million, or 15%, and FHLB advances increased $1.4 billion, or 74%, and senior and subordinated debt decreased $243.6 million, or 29%.

Quantitative and Qualitative Disclosures about Market Risk

Market risk and interest rate risk are managed centrally. Market risk is the potential for loss arising from adverse changes in the fair value of fixed-income securities, equity securities, other earning assets, and derivative financial instruments as a result of changes in interest rates or other factors. Interest rate risk is the potential for reduced net interest income resulting from adverse changes in the level of interest rates. As a financial institution that engages in transactions involving an array of financial products, the Corporation is exposed to both market risk and interest rate risk. In addition to market risk, interest rate risk is measured and managed through a number of methods. The Corporation uses financial modeling simulation techniques that measure the sensitivity of future earnings due to changing rate environments to measure interest rate risk.

Policies established by the Corporation’s ALCO and approved by the Board of Directors are intended to limit these risks. The Board has delegated day-to-day responsibility for managing market and interest rate risk to ALCO. The primary objectives of market risk management are to minimize any adverse effect that changes in market risk factors may have on net interest income and to offset the risk of price changes for certain assets recorded at fair value.

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Interest Rate Risk

The primary goal of interest rate risk management is to control exposure to interest rate risk within policy limits approved by the Board of Directors. These limits and guidelines reflect the Corporation's risk appetite for interest rate risk over both short-term and long-term horizons.

The major sources of the Corporation's non-trading interest rate risk are timing differences in the maturity and re-pricing characteristics of assets and liabilities, changes in the shape of the yield curve, and the potential exercise of explicit or embedded options. We measure these risks and their impact by identifying and quantifying exposures through the use of sophisticated simulation and valuation models which are employed by management to understand interest rate sensitive EAR and MVE at risk. The Corporation’s interest rate risk profile is such that, generally, a higher yield curve adds to income while a lower yield curve has a negative impact on earnings. The Corporation's EAR profile is asset sensitive at September 30, 2026.

For further discussion of the Corporation's interest rate risk and corresponding key assumptions, see the Interest Rate Risk section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Corporation’s 2025 Annual Report on Form 10-K.

The sensitivity analysis included below is measured as a percentage change in EAR due to gradual moves in benchmark interest rates from a baseline scenario over 12 months. We evaluate the sensitivity using: 1) a dynamic forecast incorporating expected growth in the balance sheet, and 2) a static forecast where the current balance sheet is held constant.

While a gradual shift in interest rates was used in this analysis to provide an estimate of exposure under a probable scenario, an instantaneous shift in interest rates would have a more significant impact. No EAR breaches occurred during the first nine months of 2026.

Table 15 Estimated % Change in Rate Sensitive Earnings at Risk Over 12 Months


	Sep 30, 2026				Dec 31, 2025
	Dynamic Forecast		Static Forecast		Dynamic Forecast		Static Forecast
Gradual Rate Change
100 bp increase in interest rates	1.8	%	1.9	%	1.5	%	2.0	%
200 bp increase in interest rates	3.5	%	3.7	%	2.8	%	3.9	%
100 bp decrease in interest rates	(1.1)	%	(1.3)	%	(0.8)	%	(1.4)	%
200 bp decrease in interest rates	(2.3)	%	(2.5)	%	(2.2)	%	(3.4)	%

At September 30, 2026, the MVE profile indicates a decrease in net balance sheet value due to instantaneous upward changes in rates and an increase in net balance sheet value due to instantaneous downward changes in rates.

Table 16 Market Value of Equity Sensitivity


	Sep 30, 2026		Dec 31, 2025
Instantaneous Rate Change
100 bp increase in interest rates	(5.7)	%	(5.2)	%
200 bp increase in interest rates	(12.1)	%	(11.8)	%
100 bp decrease in interest rates	4.3	%	2.3	%
200 bp decrease in interest rates	6.3	%	1.4	%

Since MVE measures the discounted present value of cash flows over the estimated lives of instruments, the change in MVE does not directly correlate to the degree that earnings would be impacted over a shorter time horizon (i.e., the current year). Further, MVE does not take into account factors such as future balance sheet growth, changes in product mix, changes in yield curve relationships, and changes in product spreads that could mitigate the adverse impact of changes in interest rates.

The above EAR and MVE measures do not include all actions that management may undertake to manage this risk in response to anticipated changes in interest rates.

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Contractual Obligations, Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities

The following table summarizes significant contractual obligations and other commitments at September 30, 2026, at those amounts contractually due to the recipient, including any unamortized premiums or discounts, hedge basis adjustments, or other similar carrying value adjustments.

Table 17 Contractual Obligations and Other Commitments


(in thousands)	One Year or Less		One to Three Years		Three to Five Years		Over Five Years		Total
Time deposits	$	8,498,819	$	235,323	$	19,618	$	52	$	8,753,812
Federal funds purchased and securities sold under agreements to repurchase	266,329		—		—		—		266,329
FHLB advances	3,757,342		202,278		1,492		—		3,961,112

Senior and subordinated debt	—		—		298,636		290,532		589,168

Operating leases	5,738		9,258		7,195		16,446		38,637

Total	$	12,528,228	$	446,859	$	326,941	$	307,030	$	13,609,058

The Corporation also has obligations under its derivatives, lending-related commitments, and retirement plans as described in Note 10 Derivative and Hedging Activities, Note 12 Commitments, Off-Balance Sheet Arrangements, and Legal Proceedings, and Note 14 Retirement Plans of the notes to consolidated financial statements, respectively. Further discussion of the nature of federal funds purchased and securities sold under agreements to repurchase, FHLB advances, and senior and subordinated debt is included in Note 9 Short and Long-Term Funding of the notes to consolidated financial statements.

Capital

Management actively reviews capital strategies for the Corporation and each of its subsidiaries in light of perceived business risks, future growth opportunities, industry standards, and compliance with regulatory requirements. The assessment of overall capital adequacy depends on a variety of factors, including asset quality, liquidity, stability of earnings, changing competitive forces, economic conditions in markets served, and strength of management. At September 30, 2026, the capital ratios of the Corporation and its banking subsidiaries were in excess of regulatory minimum requirements. The Corporation’s capital ratios are summarized in the following table.

Table 18 Capital Ratios


	YTD				Quarter Ended
(Dollars in thousands)	Sep 30, 2026		Sep 30, 2025		Sep 30, 2026			Jun 30, 2026			Mar 31, 2026			Dec 31, 2025			Sep 30, 2025
Risk-based capital(a)
CET1(b)					$	4,315,910		$	4,304,915		$	3,744,610		$	3,683,711		$	3,584,712
Tier 1 capital					4,510,022			4,499,027			3,938,722			3,877,823			3,778,824
Total capital					5,272,486			5,259,164			4,657,925			4,593,079			4,488,957
Total risk-weighted assets					41,587,042			41,108,330			35,773,810			35,125,680			34,688,358
CET1 capital ratio(b)					10.38		%	10.47		%	10.47		%	10.49		%	10.33		%
Tier 1 capital ratio					10.84		%	10.94		%	11.01		%	11.04		%	10.89		%
Total capital ratio					12.68		%	12.79		%	13.02		%	13.08		%	12.94		%
Tier 1 leverage ratio					8.94		%	8.99		%	8.98		%	8.96		%	8.81		%
Selected equity and performance ratios
Total stockholders’ equity / total assets					10.65		%	10.88		%	10.96		%	11.01		%	10.95		%
Average stockholders' equity / average assets	11.02	%	10.91	%	10.96		%	10.98		%	11.12		%	11.05		%	10.95		%
Tangible common equity / tangible assets (TCE Ratio)(c)					8.03		%	8.27		%	8.27		%	8.29		%	8.18		%

(a) The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards, for the Corporation. The regulatory capital requirements effective for the Corporation follow Basel III, subject to certain transition provisions.

(b) The Corporation is not classified as an advanced approaches holding company as defined by the Federal Reserve. As such, the Corporation has elected to be subject to the AOCI-related adjustments when calculating CET1 capital which allows the Corporation to opt-out of the requirement to include most components of AOCI in CET1 capital.

(c) This is a non-GAAP financial measure. See Table 19 Non-GAAP Measures for a reconciliation to GAAP financial measures.

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Compliance with regulatory minimum capital requirements is a tool used in assessing the Corporation's capital adequacy, but not determinative of how the Corporation would fare under extreme stress. Factors that may affect the adequacy of the Corporation's capital include the inherent limitations of fair value estimates and the assumptions thereof, the inherent limitations of the regulatory risk-weights assigned to various asset types, the inherent limitations of accounting classifications of certain investments and the effect on their measurement, external macroeconomic conditions and their effects on capital and the Corporation's ability to raise capital or refinance capital commitments, and the extent of steps taken by state or federal government authorities in periods of extreme stress.

For additional information regarding the potential for additional regulation and supervision, see Part I, Item 1A, Risk Factors in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2025.

See Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, for information on the shares repurchased during the third quarter of 2026.

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Non-GAAP Measures

Table 19 Non-GAAP Measures


	YTD				Quarter Ended
(Dollars in thousands)	Sep 30, 2026		Sep 30, 2025		Sep 30, 2026		Jun 30, 2026		Mar 31, 2026		Dec 31, 2025		Sep 30, 2025








Tangible common equity reconciliation
Common equity					$	5,281,520	$	5,444,011	$	4,803,760	$	4,781,235	$	4,674,186
Less: Goodwill and other intangible assets, net					1,257,140		1,264,034		1,125,639		1,127,842		1,130,044
Tangible common equity for TBV / share and TCE Ratio					$	4,024,380	$	4,179,977	$	3,678,121	$	3,653,393	$	3,544,142
Tangible assets reconciliation
Total assets					$	51,399,852	$	51,812,506	$	45,593,740	$	45,202,596	$	44,455,863
Less: Goodwill and other intangible assets, net					1,257,140		1,264,034		1,125,639		1,127,842		1,130,044
Tangible assets for TCE Ratio					$	50,142,712	$	50,548,472	$	44,468,101	$	44,074,754	$	43,325,819
Average tangible common equity reconciliation
Average common equity	$	5,238,946	$	4,534,716	$	5,463,396	$	5,433,872	$	4,812,415	$	4,713,445	$	4,627,038
Less: Average goodwill and other intangible assets, net	1,218,896		1,133,517		1,260,592		1,267,876		1,126,748		1,129,055		1,131,385
Average tangible common equity for ROATCE	$	4,020,050	$	3,401,200	$	4,202,804	$	4,165,996	$	3,685,667	$	3,584,390	$	3,495,653




Average tangible assets reconciliation
Average total assets	$	49,308,932	$	43,360,369	$	51,599,690	$	51,235,842	$	45,018,948	$	44,402,771	$	44,015,203
Less: Average goodwill and other intangible assets, net	1,218,896		1,133,517		1,260,592		1,267,876		1,126,748		1,129,055		1,131,385
Average tangible assets for return on average tangible assets	$	48,090,036	$	42,226,853	$	50,339,098	$	49,967,966	$	43,892,200	$	43,273,716	$	42,883,818
Adjusted net income reconciliation
Net income	$	389,785	$	337,648	$	146,586	$	123,564	$	119,635	$	137,129	$	124,732
Other intangible amortization, net of tax	11,993		4,956		5,170		5,170		1,652		1,652		1,652
Adjusted net income for return on average tangible assets	$	401,778	$	342,604	$	151,756	$	128,734	$	121,287	$	138,781	$	126,384
Adjusted net income available to common equity reconciliation
Net income available to common equity	$	381,160	$	329,023	$	143,711	$	120,689	$	116,760	$	134,254	$	121,857
Other intangible amortization, net of tax	11,993		4,956		5,170		5,170		1,652		1,652		1,652
Adjusted net income available to common equity for ROATCE	$	393,153	$	333,979	$	148,881	$	125,859	$	118,412	$	135,906	$	123,509




Period end core customer deposits reconciliation
Total deposits					$	40,380,950	$	39,931,255	$	35,731,765	$	35,552,608	$	34,881,853
Less: Network transaction deposits					1,745,224		1,823,130		1,746,518		2,154,995		2,013,964
Less: Brokered CDs					3,790,075		3,933,787		3,562,752		3,795,133		3,956,517
Core customer deposits					$	34,845,651	$	34,174,338	$	30,422,495	$	29,602,480	$	28,911,371
Average core customer deposits reconciliation
Average total deposits	$	38,857,679	$	34,580,383	$	40,966,074	$	40,382,227	$	35,160,943	$	35,628,917	$	34,705,887
Less: Average network transaction deposits	1,888,746		1,875,523		1,869,045		1,879,876		1,917,854		2,090,587		1,933,659
Less: Average brokered CDs	3,834,723		4,105,700		3,920,540		4,085,995		3,528,294		3,998,012		3,916,329
Average core customer deposits	$	33,134,210	$	28,599,160	$	35,176,489	$	34,416,356	$	29,714,795	$	29,540,318	$	28,855,899
Total expense for efficiency ratios reconciliation
Noninterest expense	$	751,386	$	636,173	$	260,342	$	271,882	$	219,163	$	219,466	$	216,202
Less: Other intangible amortization	15,990		6,608		6,894		6,894		2,203		2,203		2,203
Total expense for fully tax-equivalent efficiency ratio	735,396		629,565		253,448		264,988		216,960		217,263		213,999


Less: Acquisition costs(a)	38,734		—		13,258		24,469		1,007		252		—
Total expense for adjusted efficiency ratio	$	696,662	$	629,565	$	240,190	$	240,519	$	215,953	$	217,011	$	213,999
Total revenue for efficiency ratios reconciliation
Net interest income	$	1,054,479	$	891,163	$	377,251	$	370,039	$	307,190	$	309,981	$	305,222
Noninterest income	243,387		207,019		87,131		80,398		75,857		79,384		81,265
Less: Investment securities (losses) gains, net	(40)		13		(46)		35		(28)		37		1
Fully tax-equivalent adjustment	12,365		12,705		4,086		4,139		4,139		4,196		4,222
Total revenue for fully tax-equivalent efficiency ratio	1,310,271		1,110,874		468,514		454,541		387,214		393,524		390,708
Less: Announced initiatives(b)	—		(6,976)		—		—		—		—		—
Total revenue for adjusted efficiency ratio	$	1,310,271	$	1,117,850	$	468,514	$	454,541	$	387,214	$	393,524	$	390,708

(a) During the fourth quarter of 2025, the Corporation entered into a definitive agreement to acquire American National. The acquisition was completed on April 1, 2026. These costs, incurred in connection with the acquisition, represent nonrecurring costs.

(b) Announced initiatives include the loss on mortgage portfolio sale as a result of balance sheet repositioning that the Corporation announced in the fourth quarter of 2024.

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Sequential Quarter Results

The Corporation reported net income of $146.6 million for the third quarter of 2026, compared to a net income of $123.6 million for the second quarter of 2026. Net income available to common equity was $143.7 million for the third quarter of 2026, or $0.77 and $0.76 for basic and diluted earnings per common share, respectively. Comparatively, the net income available to common equity for the second quarter of 2026 was $120.7 million, or $0.64 and $0.63 for basic and diluted earnings per common share, respectively.

Fully tax-equivalent net interest income for the third quarter of 2026 was $381.3 million, $7.2 million, or 2%, higher than the second quarter of 2026. The increase in net interest income was driven by growth in average loans and an improved interest rate spread aided by the favorable shifts in asset and deposit mix. The net interest margin in the third quarter of 2026 and second quarter of 2026 were 3.20% and 3.17%, respectively.

Average earning assets increased $215.9 million to $47.5 billion in the third quarter of 2026. Driven primarily by growth in commercial and industrial and real estate construction offset by decreases in CRE-owner occupied and residential mortgage, average loans increased $326.8 million, or 1%. Average investments decreased $110.9 million, or 1% as portfolio runoff exceeded reinvestment activity. On the funding side, average total interest-bearing deposits increased $274.6 million, or 1%, primarily driven by growth in interest-bearing demand and savings offset by a reduction in brokered CDs. Due to decreases in FHLB advances and federal funds purchased as growth in lower-cost funding sources, including noninterest-bearing demand deposits, reduced our reliance on wholesale funding sources, average other funding decreased $311.2 million, or 6%.

The provision for credit losses was $14.0 million for the third quarter of 2026 and $19.4 million for the second quarter of 2026. This was due to a decrease in our allowance for unfunded commitments, nominal credit movement, and general macroeconomic trends. See discussion under sections: Provision for Credit Losses, Nonperforming Assets, and Allowance for Credit Losses on Loans.

Noninterest income for the third quarter of 2026 was $87.1 million, up $6.7 million, or 8% from the second quarter of 2026. This is due to an increase in capital markets, net due to higher syndication fee revenue. Additionally, there were increased earnings from our private equity investments in the third quarter of 2026.

Noninterest expense for the third quarter of 2026 was $260.3 million, down $11.5 million, or 4% from the second quarter of 2026. This was primarily driven by lower expenses related to the American National acquisition and a gain on sale of an OREO asset in the third quarter of 2026.

For the third quarter of 2026, the Corporation recognized income tax expense of $43.4 million, compared to an income tax expense of $35.6 million for the second quarter of 2026. The increase in expense from the second quarter of 2026 was primarily attributable to an increase in net income.

Comparable Quarter Results

The Corporation reported net income of $146.6 million for the third quarter of 2026, compared to net income of $124.7 million for the third quarter of 2025. Net income available to common equity was $143.7 million for the third quarter of 2026, or $0.77 and $0.76 for basic and diluted earnings per common share, respectively. Comparatively, net income available to common equity for the third quarter of 2025 was $121.9 million, or $0.73 for both basic and diluted earnings per common share.

Fully tax-equivalent net interest income for the third quarter of 2026 was $381.3 million, $71.9 million, or 23%, higher than the third quarter of 2025. The increase in net interest income was primarily driven by growth from the American National acquisition, along with an improved interest rate spread driven by a reduction in funding costs that outpaced the decline in earning asset yields in the lower interest rate environment. The net interest margin in the third quarter of 2026 and third quarter of 2025 was 3.20% and 3.04%, respectively.

Average earning assets increased $6.9 billion, or 17%, to $47.5 billion in the third quarter of 2026. Average loans increased $5.4 billion, or 18% and average investments increased $1.5 billion, or 15%, primarily due to the American National transaction. In addition to the acquisition, average loans benefited from continued organic growth in commercial and industrial lending and real estate construction. On the funding side, average interest-bearing deposits increased $4.7 billion, or 16%, from the third quarter of 2025, primarily due to the American National acquisition. Interest-bearing deposits also reflected organic growth across deposit categories, partially offset by decreases in network transaction deposits and brokered CDs. Average other funding increased $470.1 million, or 12%, primarily due to increases in FHLB advances and federal funds purchased used to support loan growth.

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The provision for credit losses was $14.0 million for the third quarter of 2026, compared to a provision of $16.0 million for the third quarter of 2025. This was primarily due to a decrease in the allowance for unfunded commitments. See discussion under sections: Provision for Credit Losses, Nonperforming Assets, and Allowance for Credit Losses on Loans.

Noninterest income for the third quarter of 2026 was $87.1 million, up $5.9 million, or 7%, compared to the third quarter of 2025. This is primarily due to an increase in income from service charges and deposit account fees and card-based fees driven substantially by the American National acquisition.

Noninterest expense for the third quarter of 2026 was $260.3 million, up $44.1 million, or 20%, from the third quarter of 2025. The increase was primarily attributable to the acquisition of American National, including higher personnel costs resulting from increased salaries, health care costs and incentive compensation, increased technology expense primarily related to contract termination costs and subscription fees, higher occupancy expense associated with building maintenance and repairs, and increased amortization expense of the additional CDI recognized as part of the acquisition. These increases were partially offset by a lower other noninterest expense, primarily due to a gain on the sale of an OREO property recognized in the third quarter of 2026.

The Corporation recognized income tax expense of $43.4 million for the third quarter of 2026, compared to income tax expense of $29.6 million for the third quarter of 2025. The increase was primarily due to the increase in net income in the third quarter of 2026 as compared to the third quarter of 2025 reducing the related impact of the Corporation's favorable rate drivers.

Segment Review

The reportable segments are Corporate and Commercial Specialty; Community, Consumer and Business; and Risk Management and Shared Services. The financial information of the Corporation’s segments was compiled utilizing the accounting policies described in the Corporation’s 2025 Annual Report on Form 10-K and Note 15 Segment Reporting of the notes to consolidated financial statements.

Table 20 Selected Segment Financial Data


	Three Months Ended Sep 30,					Nine Months Ended Sep 30,
(Dollars in thousands)	2026		2025		% Change	2026		2025		% Change
Corporate and Commercial Specialty
Total revenue	$	183,227	$	157,115	17%	$	497,351	$	448,710	11%
Provision for credit losses	19,776		20,424		(3)%	61,723		59,806		3%
Noninterest expense	57,874		57,032		1%	166,004		169,187		(2)%
Income tax expense	19,461		15,055		29%	49,134		41,053		20%
Net income	86,116		64,604		33%	220,490		178,662		23%
Average earning assets	21,491,767		17,716,834		21%	20,296,503		17,409,553		17%
Average loans	21,486,063		17,695,432		21%	20,288,345		17,394,587		17%
Average deposits	9,123,286		7,121,719		28%	8,331,368		7,095,533		17%
Community, Consumer, and Business
Total revenue	$	301,380	$	267,836	13%	$	842,196	$	788,618	7%
Provision for credit losses	6,695		6,437		4%	20,086		18,871		6%
Noninterest expense	176,174		159,170		11%	506,658		466,985		8%
Income tax expense	24,887		21,468		16%	66,346		63,580		4%
Net income	93,624		80,761		16%	249,106		239,182		4%
Average earning assets	14,280,845		12,580,401		14%	13,749,605		12,587,872		9%
Average loans	14,277,435		12,576,991		14%	13,746,195		12,584,461		9%
Average deposits	24,926,952		21,470,102		16%	23,920,928		21,317,239		12%
Risk Management and Shared Services
Total net revenue	$	(20,225)	$	(38,464)	(47)%	$	(41,681)	$	(139,146)	(70)%
Provision for credit losses	(12,466)		(10,861)		15%	(37,415)		(31,678)		18%
Noninterest expense	26,294		—		N/M	78,724		—		N/M
Income tax benefit	(899)		(6,969)		(87)%	(3,179)		(27,271)		(88)%
Net loss	(33,154)		(20,634)		61%	(79,811)		(80,196)		—%
Average earning assets	11,730,544		10,265,029		14%	11,356,089		9,980,565		14%
Average loans	433,537		478,037		(9)%	433,057		474,442		(9)%
Average deposits	6,915,836		6,114,066		13%	6,605,383		6,167,611		7%

N/M = Not meaningful

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Notable Changes in Segment Financial Data

Corporate and Commercial Specialty

•Total revenue and net income increased $48.6 million and $41.8 million respectively from the nine months ended September 30, 2025, attributable to organic growth in commercial and business lending as well as the inclusion of operating results from the recent acquisition of American National.

•Average earning assets and average loans increased $2.9 billion compared to the nine months ended September 30, 2025, primarily driven by the acquisition of American National and continued organic growth in commercial and industrial lending.

•Average deposits increased $1.2 billion from the nine months ended September 30, 2025 due to increases in all major deposit types primarily through the acquisition of American National.

Community, Consumer, and Business

•Average earning assets and average loans both increased by $1.2 billion from the nine months ended September 30, 2025, driven by the acquisition of American National loans with the majority being auto finance loans.

•Average deposits increased $2.6 billion from the nine months ended September 30, 2025, driven by increases in all deposit types through the acquisition of American National and organic growth across all deposit categories excluding brokered CDs and network transaction deposits.

Risk Management and Shared Services

•Total net revenue increased $97.5 million from the nine months ended September 30, 2025, due to an increase in direct interest income due to the increased AFS securities acquired from American National and additional FTP expense being allocated to the other segments based on their related funding mixes.

•Average earning assets increased $1.4 billion from the nine months ended September 30, 2025, due to an increase to the Corporation's investment portfolio following the American National acquisition.

Critical Accounting Estimates

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. The determination of the ACLL is particularly susceptible to significant change. A discussion of these estimates can be found in the Critical Accounting Estimates section in Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Corporation’s 2025 Annual Report on Form 10-K. There have been no changes in the Corporation's application of critical accounting estimates since December 31, 2025.

Recent Developments

On October 27, 2026, the Corporation’s Board of Directors declared a regular quarterly cash dividend of $0.25 per common share, payable on December 15, 2026, to shareholders of record at the close of business on December 1, 2026.

The Board of Directors also declared a regular quarterly cash dividend of $0.3671875 per depositary share on Associated's 5.875% Perpetual Preferred Stock, Series E, payable on December 15, 2026 to the shareholders of record at the close of business on December 1, 2026.

The Board of Directors also declared a regular quarterly cash dividend of $0.3515625 per depositary share on Associated's 5.625% Perpetual Preferred Stock, Series F, payable on December 15, 2026 to the shareholders of record at the close of business on December 1, 2026.


ITEM 3.			Quantitative and Qualitative Disclosures About Market Risk

Information required by this item is set forth in Item 2 under the captions Quantitative and Qualitative Disclosures about Market Risk and Interest Rate Risk.

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ITEM 4.			Controls and Procedures

The Corporation maintains disclosure controls and procedures as required under Rule 13a-15 promulgated under the Securities Exchange Act that are designed to ensure that information required to be disclosed in the Corporation's Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Corporation’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As of September 30, 2026, the Corporation’s management carried out an evaluation, under the supervision and with the participation of the Corporation’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures. Based on the foregoing, its Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures were effective as of September 30, 2026.

On April 1, 2026, the Corporation completed its acquisition of American National. The Corporation is in the process of integrating the acquired operations, business processes and systems into its overall internal control environment and has begun to extend its oversight and monitoring activities to include the acquired operations. Management's evaluation of internal control over financial reporting as of September 30, 2026 did not include an assessment of the internal control over financial reporting of American National. The Corporation continues evaluating and integrating American National into the Corporation's control environment in connection with the conversion of systems and operations in the fourth quarter of 2026.

Other than the integration activities associated with the American National acquisition, no changes were made to the Corporation’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

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PART II - OTHER INFORMATION


ITEM 1.			Legal Proceedings

The information required by this item is set forth in Part I, Item 1 under Note 12 Commitments, Off-Balance Sheet Arrangements, and Legal Proceedings of the notes to consolidated financial statements.


ITEM 1A.			Risk Factors

There have been no material changes in the Risk Factors described in the Corporation’s 2025 Annual Report on Form 10-K.


ITEM 2.			Unregistered Sales of Equity Securities and Use of Proceeds

During the third quarter of 2026, the Corporation repurchased $101.4 million of common stock, of which $100.0 million were open market repurchases in accordance with an accelerated share repurchase agreement while $1.4 million were repurchases related to tax withholding on equity compensation. The repurchase details are presented in the table below:

Common Stock Purchases


	Total Number of Shares Purchased(a)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(b)
Period

July 1, 2026 - July 31, 2026	44,307	$	30.64	—
August 1, 2026 - August 31, 2026	2,537,266	30.88		2,537,266
September 1, 2026 - September 30, 2026	700,693	30.88		700,693
Total	3,282,266	$	30.88	3,237,959	3,974,277

(a) During the third quarter of 2026, the Corporation repurchased 44,307 shares for minimum tax withholding settlements on equity compensation. These purchases do not count against the maximum value of shares remaining available for purchase under the Board of Directors' 2026 authorization.

(b) On January 27, 2026 and April 28, 2026, the Board of Directors authorized the repurchase of up to $100 million each of the Corporation's common stock. At September 30, 2026, there remained $113.9 million authorized to be repurchased in the aggregate. Approximately 4.0 million shares of common stock remained available to be repurchased under the Board authorizations based on the closing share price on September 30, 2026.

Repurchases under Board authorized repurchase programs are subject to any necessary regulatory approvals and other limitations and may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchases, or similar facilities.


ITEM 5.			Other Information

During the three months ended September 30, 2026, no director or "officer" of the Corporation adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.


ITEM 6.			Exhibits

(a) Exhibits:




Exhibit (10.1), Employment Transition - Letter Agreement, between Associated Banc-Corp and Randall J. Erickson, dated September 21, 2026, incorporated by reference to the Corporation's Current Report on Form 8-K dated September 21, 2026.
Exhibit (31.1), Certification Under Section 302 of Sarbanes-Oxley by Andrew J. Harmening, Chief Executive Officer.
Exhibit (31.2), Certification Under Section 302 of Sarbanes-Oxley by Derek S. Meyer, Chief Financial Officer.
Exhibit (32), Certification by the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of Sarbanes-Oxley.
Exhibit (101), Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Unaudited Consolidated Balance Sheets, (ii) Unaudited Consolidated Statements of Income, (iii) Unaudited Consolidated Statements of Comprehensive Income, (iv) Unaudited Consolidated Statements of Changes in Stockholders’ Equity, (v) Unaudited Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements.
Exhibit (104), The cover page from the Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 has been formatted in Inline XBRL (Inline Extensible Business Reporting Language) and contained in Exhibits in 101.


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



						ASSOCIATED BANC-CORP
						(Registrant)



Date: October 27, 2026						/s/ Andrew J. Harmening
						Andrew J. Harmening
						President and Chief Executive Officer



Date: October 27, 2026						/s/ Derek S. Meyer
						Derek S. Meyer
						Chief Financial Officer



Date: October 27, 2026						/s/ Ryan J. Beld
						Ryan J. Beld
						Chief Accounting Officer

Associated Banc-Corp - 10-Q quarterly report FY2026 Q3

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		Page
PART I. Financial Information

	Item 1. Financial Statements (Unaudited):	5

	Consolidated Balance Sheets	5

	Consolidated Statements of Income	6

	Consolidated Statements of Comprehensive Income	7

	Consolidated Statements of Changes in Stockholders’ Equity	8

	Consolidated Statements of Cash Flows	10

	Notes to Consolidated Financial Statements	12

	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	54

	Item 3. Quantitative and Qualitative Disclosures About Market Risk	79

	Item 4. Controls and Procedures	80

PART II. Other Information

	Item 1. Legal Proceedings	81

	Item 1A. Risk Factors	81

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	81

	Item 5. Other Information	81

	Item 6. Exhibits	82

	Signatures	83